What is Foreclosure in Weymouth, Massachusetts?

Find the right Foreclosure Bankruptcy attorney in Weymouth, 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 Weymouth, Massachusetts has repeatedly failed to make their payments. Foreclosure normally results in the property being sold in an auction. Banks normally 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 Weymouth, 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 normally don't want to take your Weymouth 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 no deal can be worked out, or the mortgage payments have become prohibitive, you might consider a "short sale". While the lender has to consent to it, many will take a moderate loss if it means avoiding foreclosure (which lenders typically treat as a last resort). This allows you to sell the house for whatever price it can fetch on the current market, and hand the proceeds over to the bank. If the sale nets less than the balance, some or all of the deficiency might be forgiven. You may also consider a "short refinance" which allows a chunk of the debt to be forgiven, and lets you refinance the rest.

How Can A Weymouth, Massachusetts Attorney Help?

If you are facing the possibility of foreclosure, a good Weymouth, Massachusetts real estate attorney can help. At the very least, they will be able to inform you of your legal options.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Weymouth

Weymouth is named after Weymouth, Dorset, which is located in England. The U.S. city is located in Norfolk County in the state of Massachusetts. Its formal name is The Town of Weymouth. It is a very historic town, as it was incorporated in 1635. Currently Weymouth has a population of 54,000.

Since Weymouth is a very "mature" city, it has had ample time to develop economically and commercially. In fact, the town is nearly completely developed compared to other areas in the region. Therefore many of the economic projects in Weymouth focus on redevelopment and transformation of existing facilities into new uses.

Examples of redevelopment in Weymouth include the conversion of Nike Missile Base into Webb state Park. Another project converts Mammoth Mart into a shopping center. The city of Weymouth is a prime example of efficient and productive use of commercial zoning.

The Town of Weymouth is neatly divided into four areas, or "Squares": Bicknell Square, Jackson Square, Weymouth Landing, and Columbian Square. The busiest of the four squares is Columbian Square, which boasts many local recreation and entertainment venues.

Lawyers in Weymouth spend a lot of time at the Quincy District Court, which has jurisdiction to hear claims arising in Weymouth. The District Court is located nearby in the city of Quincy. Many Weymouth, Massachusetts lawyers contribute their time to community building projects.

Clients Rate LegalMatch Attorneys
(click to read reviews)

Ian M.
Ian M.

Bankruptcy, Banking & Credit

Richboro, PA

Eddy H.
Eddy H.

Bankruptcy, Banking & Credit

San Mateo, CA

Howard B.
Howard B.

Bankruptcy, Banking & Credit

Rye Brook, NY