Boston Massachusetts Foreclosure Help, Defense, Laws and Process

 


Becoming an owner of a home becomes a dream of many but only few can fulfill. Those having families and earning only that much that they require as wage or part of job, it is not easy to become the owner of any property, the real estate prices are zooming higher and higher and only loans can help you get that money required to buy the property and the you can repay the loan. So overall the lending/loan schemes sounds good but the most dreaded part of lending is the foreclosure process. Boston foreclosure process is quite simple, there are no non judicial instruments like the deed of trust or the mortgage documents involved, the lender simply sues you in the federal court of law and the court decides to initiate the foreclosure procedure. The main purpose of the article is to guide owners, especially in the Boston about how to avoid the Boston foreclosure process.

Boston foreclosure process is practically governed by the laws of the state of the Massachusetts (more of which can be found here

http://www.cityofboston.gov/dnd/bhc/Preventing_Foreclosure_Boston%27s_Foreclosure_Prevention_Initiative.asp.

It is interesting to note that the law provides a long timeline of ninety (90) days, followed by a right to redemption of property.

Boston Massachusetts Foreclosure Process

The condition of initiating the Boston foreclosure process when you start failing to pay your monthly installments, and has a rather simple workflow:

  • When you miss the first installment, the lender tries to get in touch with you via phone.
  • Missing the second installment consequently alerts the lender and he tries to get in touch rather aggressively.
  • After the third installment is missed the lender will hire an attorney who will file a lawsuit against you, send you notices via every possible communication channel, give you thirty days time and draft a demand letter on behalf of his client (in this case the lender), and you will have to fulfill the demands along with attorney fees within 30 day.
  • Failing to furnish the demands in the letter and consecutive missing of the fourth installment will foreclose your property and would be called as trustee’s sale, marking the beginning of the redemption period.
  • Redemption is the last chance to get back you property it can be as short as 3 months to as long as one year.
  • The procedure workflow remains constant, only the laws, timelines and contact person changes in every state of the United States.

Boston foreclosure process is not a very long procedure and gives you ample time and opportunity for avoiding the foreclosure process, keeping the following in mind, failing to do so; you shall lose your house:

  • Informing your lender about foreseen financial deficits as soon as possible, makes you win his bit of trust. This will help you better design an alternative to the problem.
  • Attending all official communications from your lender, people mostly fail to attend these calls, being embarrassed about their condition.
  • Attending all court proceedings as they help you prepare a better defense.
  • Getting counseled by a HUD (Human and Urban Development) verified agency/counselor.
  • Working out a plan with your lender will be beneficial as the government advises most of the lenders (generally the banks) to be flexible and versatile with customers.
  • Checking out you rights and other available options like re-financing or re modeling of the loan structure.
  • Always make sure if you’re getting help from some private agency then checkout it is verified and not a scam.

Foreclosures can always turn out to be a sore to being an owner of a property, still Boston foreclosure process can easily be avoided and is recommended that you follow instructions carefully and be truthful.