What is Foreclosure in Waltham, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Waltham, MA

Foreclosure is the process through which the lender in a mortgage takes ownership and/or possession of the property that secured the original loan. This happens when a debtor in Waltham, Massachusetts has repeatedly failed to make their payments. Foreclosure usually results in the property being sold in an auction. Banks usually want to get rid of the property as soon as possible, even if it means taking a financial hit, and an auction is the easiest way to do this.

In every state, including Massachusetts, there is an option to go through foreclosure by a judicial sale, which is a procedure in which a court supervises the sale of the property, and makes sure that the proceeds first go the to the holder of the mortgage, then to anyone else who may have a lien on the property, and finally to the debtor if anything is left. In many states, mortgages which have not been refinanced are "non-recourse loans." This means that, in the event of default, the bank can take ownership of the house and sell it; but if the sale price happens to be less than the balance of the mortgage, the lender cannot go after the borrower for the remainder. Because of this, some people have found that their best option is to simply walk away from the home if the mortgage is more than the house is worth. You should talk with a Waltham, Massachusetts attorney to see if this state is one of them.

How Can I Avoid Foreclosure in Massachusetts?

First, you should never ignore the matter. As unpleasant as it seems, it is essential to stay on top of the issue. Ignoring the problem will never make it go away. It is essential to remember that banks don't really want to own homes in Waltham. In issuing a mortgage, they expect to make a profit through interest on the loan, and they'd prefer to continue collecting from you. Therefore, they're likely to make reasonable accommodations to your financial situation if it will enable you to keep paying them in the long run.

If you can't work things out with your lender, there are other options. You could try a "short sale," which is when you sell your house for whatever amount you can get for it, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank still gets those proceeds, but the remainder of the loan will be forgiven. You could also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Waltham, Massachusetts Attorney Help?

If you are worried about foreclosure, a good Waltham, Massachusetts real estate lawyer might be able to help. A lawyer can increase your chances of keeping your home, and help minimize the financial impact if keeping it proves impossible.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Waltham

Waltham, Massachusetts has a population of just over 60,000 residents and is located in Middlesex County. The city has historical significance and is considered to play a pivotal role in the labor movement.

Waltham is often nicknamed "Watch City" because of the presence of Waltham Watch Company which has produced over 40 million watches and other time instruments before closing. Waltham also has a great music scene that brings together the community for various events throughout the year. The city is also a great place to be active -- with a 97 out of 100 points on the walkability rating system.

In addition to a good public school education system, Waltham also houses three colleges: Bentley University, Brandeis University, and Center for Digital Imaging Arts. With such an emphasis on learning, it is no surprise that there is such a great professional community in Waltham. Waltham lawyers, for example, are trained at some of the best schools and are skilled in a range of legal issues. From lawyers to accountants to bankers, Waltham is a city that is a great place to work.

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