Weymouth Foreclosure Lawyers

Find the right Foreclosure attorney in Weymouth, MA

Foreclosure Law in Massachusetts

In Weymouth, Massachusetts, foreclosure is a process through which a lender that issued a mortgage loan retakes possession of the property that was purchased with the mortgage in the event that the borrower has defaulted on his or her payments.

When individuals are facing foreclosure, it normally involves a house. The bank will take the house with the intent of selling it at an auction, hoping to cover whatever's left on the mortgage, giving them at least a chance to break even on the loan.

In every state, including Massachusetts, homeowners have the option to go through what is known as a foreclosure by judicial sale. Basically, this means a court will oversee the sale of the house to ensure that the bank makes reasonable efforts to sell it for as high a price as possible (to help avoid a deficiency that the borrower may have to pay), and to ensure that any money which might be left over from the sale (after the balance on the mortgage is paid) goes to the borrower.

In some states, original mortgages are recognized as "non-recourse" loans, making the above problem a non-issue. This basically means that once the mortgaged property is sold by the lender, the debt is discharged, even if the sale nets less than the remaining balance on the mortgage. The borrower will simply have to write this off as a loss. However, this usually does not apply to refinanced or second mortgages.

How to Possibly Avoid Foreclosure in Weymouth, Massachusetts

It is absolutely necessary that you maintain a line of communication with your lender. Your can't expect your lender to accommodate your changed financial situation if they don't know about it. Ignoring the issue and hoping it will go away is the worst possible solution.

You should remember that the bank doesn't really want your house. They issued a mortgage hoping to make a profit from interest, and that's what they'd much rather do. They aren't in the business of buying and managing real estate. Therefore, banks will sometimes go to surprising lengths to accommodate your financial hardship, especially if it's temporary.

If you face sudden expenses, such as medical bills or a lawsuit, which put a serious but relatively short-term strain on your finances, you should notify your lender immediately. You might find that they are willing to accept lower payments, if this will prevent you from defaulting.

As a last resort, some borrowers consider a "short sale." In a short sale, the homeowner sells the house to the highest bidder, and uses the proceeds to pay off the remaining debt. If there is any extra from the sale, it goes to the borrower. If the sale price is worth less than what's left of the mortgage in Massachusetts, the remaining debt is absolved.

Can a Weymouth, Massachusetts real estate attorney help?

In Weymouth, Massachusetts, dealing with a possible foreclosure is never easy. However, the assistance of a brilliant real estate lawyer can make the whole process much more bearable, and possibly delay or even prevent the foreclosure altogether.

Talk to a Real Estate 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.

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