What is Foreclosure in West Springfield, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in West Springfield, 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 West Springfield, Massachusetts has repeatedly failed to make their payments. Foreclosure typically results in the property being sold in an auction. Banks typically 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 West Springfield, 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. You should keep in mind that banks typically don't want to take your West Springfield home. They aren't in the real estate business, and expect to make money through interest on the loan, not by selling your house. If you are up-front with them early on, they will probably make a reasonable effort to accommodate your financial system if it will keep you from defaulting.

If you can't reach a solution with your lender, there are other options. You could, for example, try a "short sale," which allows you to sell your house for whatever amount you can get, and use the proceeds to pay your mortgage. If the house sells for less than you owe, the bank will get the proceeds of the sale, and the rest of the debt will be forgiven. There is also the option of a "short refinance," which forgives a substantial portion of your mortgage debt, and refinances the rest.

How Can A West Springfield, Massachusetts Attorney Help?

If you are facing foreclosure, a good West Springfield, Massachusetts real estate attorney can help. While keeping your home might not always be possible, a lawyer can increase your odds of success, and help you minimize the negative impact if you do end up losing your home.

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Life in West Springfield

West Springfield is part of Hampden County in Massachusetts. It has a population of about 28,000 people and is a popular tourist destination. The city is locally known as "The West Side", which is a reference to its location on the western side of the Connecticut River.

West Springfield is also part of the Massachusetts area known as the Springfield-Hartford "Knowledge Corridor". The Knowledge Corridor is part of a state program designed to promote cultural and economic exchange between several Massachusetts cities. The name Knowledge Corridor derives from the fact that there are over 30 colleges and universities in the sector. The area is also the focus of extensive urban renewal projects.

The city of West Springfield attracts many visitors due to its retail and commercial activities. For example, the Riverdale Road corridor is one of the major retail centers in the area. Tourists also come to the city every September for the Eastern States Exposition or "The Big E", which is the largest fair in the entire northeast region. The fair is home to the Big E Cream Puff and the Craz-E Burger. The Big E lasts for 17 days and features a number of acts, parades, and exhibits.

Lawyers in West Springfield, Massachusetts usually represent their clients at the Springfield District Court Division courthouse. Many West Springfield are members of multiple bar associations including the local Hampden County Bar Association.

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