Holyoke Foreclosure Lawyers

Find the right Foreclosure attorney in Holyoke, MA

Foreclosure Law in Massachusetts

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

When consumers have to deal with foreclosure, it almost always involves a home. The bank will normally take possession of the house, and then sell it at auction, to try to encompass the balance of the mortgage. Banks typically want sell the property quickly, for as much money as possible.

In every U.S. state, including Massachusetts, a borrower has a right to a judicial sale of their foreclosed property. A judicial sale is just an auction supervised by a court. The purpose of this is to make sure that the lender takes reasonable steps to sell the home for the highest possible price, and to ensure that the homeowner has an opportunity to bid on the house, if he or she is able. It is in everybody's interest for the bank to get the highest price possible for the house, even the borrower's. If the house fetches a higher price than what's left on the mortgage, the buyer can keep what's leftover. On the other hand, if it fetches less, the buyer might have to pay the deficiency.

In some states, original mortgages are identified as "non-recourse" loans, making the above problem a non-issue. This essentially 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 Holyoke, Massachusetts

It is absolutely imperative that you maintain a line of communication with your lender. Your can't expect your lender to accommodate your altered 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 granted 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 your financial situation suddenly changes, your lender may be willing to change the terms of your loan, at least temporarily, permitting for lower monthly payments. If this means that they will be able to get some money from you, with default as the alternative, it can become an attractive option for everyone involved.

In Massachusetts, some buyers have no choice but to resort to a short sale. This is simply the sale of the house, and using the funds to pay off the remainder of the mortgage. One benefit of a short sale is that, if the house sells for less than the mortgage balance, the remaining debt is excused, and the borrower is free and clear.

Can a Holyoke, Massachusetts real estate attorney help?

If you live in Holyoke, Massachusetts and believe that your house is in danger of being foreclosed, you may have more options and protections than you think. You may not know what all of them are, but an efficient real estate lawyer probably will.

Talk to a Real Estate Law Attorney now!

Life in Holyoke

Holyoke is named for Elizur Holyoke who, in 1660, explored the area that is today incorporated into Hampden County. Holyoke is a Massachusetts city in close proximity to Springfield and has classically been a haven for Irish immigrants. Holyoke hosts the United States largest Saint Partick's Day Parade which annually attracts nearly 500,000 visitors each year. Holyoke has recently seen a vast influx of Puerto Rican and Latino immigrants yielding an annual Puerto Rican Day Parade on the third week of July. The parade is complete with food, music, and more. It's organized as part of the Annual Hispanic Family Festival which is put on by La Familia Hispana Incorporated. The festival and parade have drastically increased in popularity over time and attract Latinos from across the northeast. Holyoke is called home by a number of lawyers as well. Holyoke lawyers are familiar with local Hampden County courts and advise on a variety of cases.  

Holyoke maintains a number of year-round attractions as well. Some of the attractions include the Holyoke Cana System, Mount Tom, shopping at Holyoke Mall, trails like Metacomet-Monadnock Trail, a collegiate baseball team, and most notably the Dinosaur Footprints Reservation where visitors can see perfectly preserved footprints from prehistoric dinosaurs along the Connecticut River. 

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