Do you know that you are not alone and in these economic times the foreclosure percentage in America is on the rise? Yes, it’s a fact that although it is the most unwanted situations to be in, but not something uncommon. And there is nothing to be shy at all if you fail to pay the monthly mortgage payments, if the demand notices and the creditor’s phone call starts streaming in.
As a home owner you have now plenty of options in hand to stop Massachusetts foreclosure. You can negotiate with the lenders to refinance the loan, you can get a short sale approved or else you can also deed the residence back to the lender in lieu of foreclosure. In fact there are now a number of ways to stop foreclosure. Before discussing further let us understand the term foreclosure rather deeply. As law dictates, foreclosure stands as a legal process which is being used by the lenders to claim the property which was used as collateral against a particular amount of mortgage loan.
Now the fact is you lender does not always want to foreclose the property this is because in Massachusetts the real estate market is pretty soft and sitting on a pile of foreclosed property instead of getting a steady income from mortgage payment is far more less desirable by the lenders. So, the moral here is no matter if you get the default notice, no matter if the phone rings, no matter if your creditor rings the door bell do not think of walking away of your home, instead talk clearly with your lender to figure out an alternative. Go with the most practiced way and consult theto stop foreclosure.
Here is how Massachusetts foreclosure and the foreclosure law works for you:
Legally the homeowner needs to be at least 60 days behind on your mortgage payment before any foreclosure can actually begin. In fact you will get your first reminder letter when the mortgage payment is about 30 – 45 days late. Do not ignore this warning because you never know that this can be your best chance to work out on your Massachusetts foreclosure. As an obvious next step the lenders send you the letter, demanding the payment. In the letter it is clearly stated that as the homeowner and borrower you have 30 days in hand to make the payment.
The final step with the Massachusetts foreclosure however occurs after 60 days when the lender turns the delinquent account over to their legal department to start with the formal foreclosure proceedings.
Massachusetts however allows both the judicial as well as the non judicial foreclosure processes. If in case the original loan documents do not contain the power of sale clause then it is advisable to follow the Judicial Foreclosure. On the other hand the Non Judicial Foreclosure is used when the original loan documents contain the power of sale clause.
The notice of sale is sent to the borrower by registered mail at least 30 days before the scheduled sale date. And it is for 3 consecutive weeks, the notice is published in the magazine that is generally circulated in the county in which the property is located.
Face the truth just by denying the fact and by burying your head in the sand can never bring any solution and the sooner you start realizing this, better it would for you in sorting out your financial woes. It is advisable to consult the Massachusetts foreclosure lawyers to dig out the right way to stop foreclosure. In fact, the Massachusetts foreclosure Center can help you in a number of ways, such as the foreclosure attorney can request the lender for allowing you a payment extension; he can also slash down your monthly payment rate, and can also convince the lender to agree to a forbearance period and even can arrange a short sale.
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Massachusetts foreclosure laws help you stop foreclosure to save your loved ones from disaster.