Sell your house in 3 easy steps.
Let's Talk
Our property specialist will give you a free, no-obligation consultation at your convenience.
Get a Fair CASH Offer
You sell directly to us. That means absolutely no expensive real estate agent commissions.
A Fast Closing
Avoid the hassle of showings and open houses. We can close as quickly, or as slowly, as you want.
Special Considerations
If a borrower has several delinquent payments, they are at risk of defaulting on a mortgage loan. This also poses the risk of lost collateral. When this happens, the lender may file a notice of default. While this notice may lead to foreclosure, that isn't always the case, The lender may simply be taking this step as protocol, and be willing to work with the borrower to bring the account up to date. Filing the notice may also include a negotiation grace period before further action is taken.
While some lenders use notices of default as the final step before foreclosure, others use it as a way to work with borrowers to bring the mortgage up to date. Some lenders may choose to serve the delinquent borrower with a notice of intention rather than a notice of default levy or they may provide warnings to the borrower which gives them time to negotiate.
Be Aware - A notice of default and subsequent foreclosure actions are documented and reported to credit bureaus. Thus, all foreclosure proceedings and actions can have serious repercussions on a borrower’s credit score. This will also reduce the borrower’s ability to obtain a mortgage or any type of debt in the future.
When Can Foreclosure Start?
Under federal law, the servicer usually can't officially begin foreclosure until you're more than 120 days past due on payments, subject to a couple of exceptions. (12 C.F.R. § 1024.41). This 120-day period provides most homeowners with ample opportunity to submit a loss mitigation application to the servicer.
What Is Preforeclosure?
The period after you fall behind in payments, but before a foreclosure officially starts, is generally called the "preforeclosure" stage. (Sometimes, people refer to the period before a foreclosure sale actually happens as "preforeclosure," too.) During this time, the servicer can charge you various fees, like late charges and inspection fees, and, in most cases, must inform you about ways to avoid foreclosure. Many Massachusetts mortgages also require the lender to send a preforeclosure breach letter.
Fees the Servicer Can Charge During Preforeclosure
If you miss a payment, most loans include a grace period of ten or fifteen days, after which time the servicer will assess a late fee. Each month you miss a payment, the servicer will charge this fee. To find out the late charge amount and grace period for your loan, look at the promissory note you signed. You can also find this information on your monthly mortgage statement.
Also, most Massachusetts mortgages allow the lender (or the current loan holder, referred to as the "lender" in this article) to take necessary steps to protect its interest in the property. Property inspections are performed to ensure that the home is occupied and appropriately maintained. Inspections, which are generally drive-by, are usually ordered automatically once the loan goes into default and typically cost around $10 or $15.
Other types of fees the servicer might charge include those for broker's price opinions, which are like appraisals, and property preservation costs, such as for yard maintenance or winterizing an abandoned home.
__________________________________________________________________________________________________________________
DON'T GET CAUGHT OFF GUARD
If you're a Massachusetts homeowner who's behind in mortgage payments. Learn about each step in a Massachusetts foreclosure, from missing your first payment to a foreclosure sale. Once you understand the process, you can make the most of your situation and, hopefully, work out a way to save your home or at least get through the process with as little anxiety as possible.
you'll most likely get the right to:
1. Get a notice of default and the right to cure.
2. Receive notice of the lender's intent to foreclose.
3. Apply for loss mitigation.
4. Get notice of the foreclosure sale
5. Receive special protections if you're in the military
6. Pay off the loan to prevent a sale
7. File for bankruptcy,
8. Get any excess money after a foreclosure sale.
Please reach out if you have questions
We are here 24/7 to assist you with your home buying and selling needs from start to finish.
HOW JUDICIAL FORECLOSURES WORK
A judicial foreclosure begins when the lender files a lawsuit asking a court for an order allowing a foreclosure sale. If you don't respond with a written answer, the lender will automatically win the case. But if you choose to defend the foreclosure lawsuit, the court will review the evidence and determine the winner. If the lender wins, the judge will enter a judgment and order your home sold.
How Nonjudicial Foreclosures Work
If the lender chooses a nonjudicial foreclosure, it must complete the out-of-court procedures described in the state statutes. After completing the required steps, the lender can sell the home at a foreclosure sale. Most lenders opt to use the nonjudicial process because it's quicker and cheaper than litigating the matter in court.
NOTICES TYPICALLY ARRIVE BY MAIL
Notices Usually Arrive By Mail
Often, state law requires the lender to send the borrower the required foreclosure notices by mail. State law might require the servicer to send the notice in a particular way, such as by certified mail and first-class mail. Generally, in most states, it is presumed that you received the notice if the lender can prove that it mailed a properly-addressed notice, such as with postal records or a certified mail receipt.
But if the lender can only produce a copy of a notice—but not proof of mailing—that failure might lead a court to believe that the lender didn't actually mail the notice. If the lender failed to mail a required notice, this failure could provide a strong defense against a foreclosure.
Electronic Communications and Notices
Whether sending an electronic notice, such as by email, is legal depends on applicable federal laws, such as the E-Sign Act (applicable when a lender seeks to satisfy a requirement for a written notice with an electronic record) and on state laws. For example, if a state statute requires a particular foreclosure notice to be sent in writing or by a certain mail-delivery option, the servicer must mail it.
As of January 1, 2023, the standard Fannie Mae and Freddie Mac security instruments (mortgages and deeds of trust) say, "Unless another delivery method is required by Applicable Law, Lender may provide notice to Borrower by e-mail or other electronic communication." But the federal E-Sign Act requires foreclosure notices to be in writing. So, if you sign a mortgage or deed of trust that has this language, a foreclosure notice that was served electronically wouldn't be valid if your state's laws required the notice to be delivered in writing. But the E-Sign Act doesn't prohibit states from enacting laws authorizing the use of electronic notices in foreclosures.
This area of law is complicated. Talk to a lawyer to find out what communications (if any) may be sent to you electronically during a foreclosure.
- Find an AttorneyWe are here 24/7 to assist you with your home buying and selling needs from start to finish.
How Can I Stop a Foreclosure
in Massachusetts?
A few potential ways to stop a foreclosure might include reinstating the loan, redeeming the property before the sale, or filing for bankruptcy. Of course, if you're able to work out a loss mitigation option, like a loan modification, that will also stop a foreclosure.
______________________________________________________________________________________________________________
Reinstating the Loan
As discussed earlier, borrowers usually get 90 days to cure the default and reinstate the loan before the foreclosure officially starts. Again, under Massachusetts law, you can exercise this right to cure only once during any five-year period. (Mass. Gen. Laws ch. 244, § 35A).
Also, the terms of the mortgage might give you additional time to reinstate. Check your contract to see if you get the right to complete a reinstatement and the deadline for doing so. If not, the lender might agree to let you reinstate the loan.
______________________________________________________________________________________________________________
Redeeming the Property
One way to stop a foreclosure is by "redeeming" the property. To redeem, you have to pay off the full amount of the loan before the foreclosure sale.
Some states also provide foreclosed borrowers with a redemption period after the foreclosure sale, during which they can buy back the home. Massachusetts law, however, doesn't provide a post-sale redemption period when it comes to nonjudicial foreclosures. (Mass. Gen. Laws ch. 244 § 18).
______________________________________________________________________________________________________________
Filing for Bankruptcy
If you're facing a foreclosure, filing for bankruptcy might help. In fact, if a foreclosure sale is scheduled to occur in the next day or so, the best way to stop the sale immediately is by filing for bankruptcy. Once you file for bankruptcy, something called an "automatic stay" goes into effect. The stay functions as an injunction, which prohibits the lender from foreclosing on your home or otherwise trying to collect its debt, at least temporarily.
-
In many cases, filing for Chapter 7 bankruptcy can delay the foreclosure by a matter of months. Or, if you want to save your home, filing for Chapter 13 bankruptcy might be the answer. To find out about the options available to you, speak with a local bankruptcy attorney.
The Team
Being a transplant from Massachusetts and residing in Las Vegas since 2017, A family man at heart, his skill set reaches far beyond the closing table. He and his team focus on being proactive to address details before they become an issue.
Since 2018, Kyle has dedicated his life to the real estate industry. His passion for client service is truly inspiring as Kyle has made it his mission to provide such an amazing experience for his clients buying or selling their home that they have the confidence and comfort required to refer him to their friends and family members who are also looking to make a move.
Kyles' experience and proven results for his clients have landed him much recognition through his awards for outstanding performance. Year in and year out, Kyle continues to be awarded in the Top % of Realtors in Las Vegas Nevada.
In addition to assisting people with relocating and investing in real estate. He is also dedicated to his community. Kyle serves as the marketing committee chairman for Family Promise of Las Vegas.
When interviewed about his philosophy on client service and helping families get their home sold, he said, “ I believe that the process of moving can be one of the biggest transitions we’ll make in our lives and it’s something I don't take lightly. My team and I are 100% focused on getting the most money for our client's home all the while ensuring they have a world-class experience throughout the entire process.”
Kyle continues to build his business as a Top Agent, and his team has been designed to help homeowners maximize their equity when selling their home. With his emphasis on marketing, leadership, and commitment to client service, Kyle believes his team has only just begun. His goal is to provide the very best options to consumers who are thinking of selling their home by focusing on three things;
selling the home for the highest price; ensuring clients walk away with the most money in their pocket; and providing an experience that is superior to anything else available in the marketplace.
Being a transplant from Massachusetts and residing in Las Vegas since 2017, A family man at heart, his skill set reaches far beyond the closing table. He and his team focus on being proactive to address details before they become an issue.
Since 2018, Kyle has dedicated his life to the real estate industry. His passion for client service is truly inspiring as Kyle has made it his mission to provide such an amazing experience for his clients buying or selling their home that they have the confidence and comfort required to refer him to their friends and family members who are also looking to make a move.
Kyles' experience and proven results for his clients have landed him much recognition through his awards for outstanding performance. Year in and year out, Kyle continues to be awarded in the Top % of Realtors in Las Vegas Nevada.
In addition to assisting people with relocating and investing in real estate. He is also dedicated to his community. Kyle serves as the marketing committee chairman for Family Promise of Las Vegas.
When interviewed about his philosophy on client service and helping families get their home sold, he said, “ I believe that the process of moving can be one of the biggest transitions we’ll make in our lives and it’s something I don't take lightly. My team and I are 100% focused on getting the most money for our client's home all the while ensuring they have a world-class experience throughout the entire process.”
Kyle continues to build his business as a Top Agent, and his team has been designed to help homeowners maximize their equity when selling their home. With his emphasis on marketing, leadership, and commitment to client service, Kyle believes his team has only just begun. His goal is to provide the very best options to consumers who are thinking of selling their home by focusing on three things;
selling the home for the highest price; ensuring clients walk away with the most money in their pocket; and providing an experience that is superior to anything else available in the marketplace.
