Waltham Foreclosure Lawyers

Find the right Foreclosure attorney in Waltham, MA

Foreclosure Law in Massachusetts

In Waltham, 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 consumers have to deal with foreclosure, it almost always involves a home. The bank will typically take possession of the house, and then sell it at auction, to try to cover the balance of the mortgage. Banks usually 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 simply an auction overseen 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 a large number of states, but not all of them, mortgages are a type of loan known as a "non-recourse loan." While the regulations governing these loans are complex, it most basically means that, once the house is sold, and the sale price doesn't cover what the borrower owes, the lender can't go after the borrower for the remainder. They simply have to take the loss.

How to Possibly Avoid Foreclosure in Waltham, Massachusetts

It is absolutely essential 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 approved 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.

Because banks don't particularly enjoy foreclosing, they will probably be willing to work out an alternative payment plan with you, if necessary. However, if you think that this might be needed in the near future, you should contact your lender immediately. The sooner they know about it, the more options you have.

Finally, there is the "short sale." Usually considered a last resort, a short sale results in the borrower losing their home, but discharges almost all of their remaining mortgage debt. If the house is worth far less than the balance of the mortgage, this might be a good option. In Massachusetts, when a house is sold in a short sale, the proceeds go to the lender. If it sells for less than the mortgage balance, whatever's leftover is forgiven. If it sells for more, the surplus goes to the homeowner.

Can a Waltham, Massachusetts real estate attorney help?

If you live in Waltham, 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 experienced real estate lawyer probably will.

Talk to a Real Estate 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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