Massachusetts Loan Modification & Foreclosure Defense
Everyone Can Experience Financial Difficulties, and Foreclosure Can Happen To Anyone. The Good News is, We may be able to Help!
For any Massachusetts resident that is struggling to pay their mortgage, or is already behind on thier mortgage payment, it is important to understand the Massachusetts Foreclosure laws and what you can do to save your home. You may be able to get out of foreclosure and lower yout monthly mortgage paymetn to an amount that is affordable to you. It is important to remember that there are many ways to protect your rights and keep your home:
- Massachusetts Loan Modification
- Foreclosure Defense or Foreclosure Litigation
- Special Forebearance
There are alot of misconceptions about how to go about working out a mortgage problem with your lender. Below is a short decription of some of the popular questions that people ask about loan modification:
- Do I have to be late?
- My neighbor got a loan modification, does that mean i will automatically get help?
- Hasn't the government forced the banks to do loan modifications
- If I have been turned down can i still get help?
You do not have to be late to seek assistance with your mortgage. It is more difficult but still possible if you have encountered a hardship.
No. The process of attaining a loan modification is based on your situation.
No. The government introduced programs to help troubled homeowners but they only forced certain banks to review homeowners for qualifications. At different points banks were offered incentives to review homeowners for help. More homeowners are rejected than qualify for the government program.
Yes but remember that the process of working out a loan modification is complicated. It is not uncommon for homeowners to be turned down repeatedly, which in many cases results in the homeowner falling further behind on their mortgage payments.
Things you may be considering
Faced with not being able to pay your mortgage, you may be considering drastic measures to "buy some time". This includes borrowing from family or friends, withdrawing money from a child's college savings account, and even taking a loan or distribution from your retirement plan. If you cannot afford your mortgage these actions will only delay the inevitable so that at some point you will be back at the same point - unable to pay your mortgage - only you will have expended the borrowed or withdrawn money. This is why it is important to understand your option now.
What are your options:
There are many ways to resolve a mortgage problem and prevent the loss of your home. Since there are so many nuances to the Loan Modification / mortgage work out process, the best way to ascertain what options are available is for us to go through a review of your situation which includes discussing your hardship (how this problem occurred), the mortgage details and your financial summary (monthly income and expenses). With this informaiton we can evaluate the options and discuss the merits of each solution. Having this information will allow you to decide the best course of action. The following is a general overview of the options:
- - Massachusetts Loan Modification – A loan modification, or mortgage modification can be the best solution for a struggling homeowner. A loan modification can stop a sale date and save your home, lower your monthly payment by reducing your interest rate and or extending the term of you loan, and result in your loan being reinstated so that you are current without the need to pay all the missed mortgage payments. It is generally a very simple process to begin, and the lenders generally make it very simple to file a Massachusetts Loan Modification application. This has an unfortunate effect on the homeowner. To many it seems like they have found the answer! Unfortunatly this simple to get started approach masks the complexity of getting a modification approved. Many homeowners complain about getting the run around, being strung along for months and sometimes years while the lender “processes the modification”. In some cases homeowners are give “TRIAL LOAN MODIFICATIONS” that string them along further, and then are denied after complying with all the requirements of the trial. Only then do they find out that they never really qualified for the Trial Loan Modification. That they were only given the trial modification because the bank personnel that approved the trial did not do the right job. During this run around, most homeowners fall behind, or further behind on thier mortgage, making the soltution more difficult.
- Foreclosure Defense - This is a confrontational method of addressing your foreclosure issue and is generally considered a stalling tactic. Sometimes used by people trying to stay in their house and not pay their mortgage for as long as possible it can be effective in stopping a pending sale date. In rare circumstances this aggressive approach can uncover irregularities that will be helpful in motivating the lender to work out a solution. This opportunity has been exploited by unscrupulous companies extolling the benefits of a Forensic audit. In general a forensic audit will turn up pages of irregularities in your mortgage. Unfortunately, with the exception of the handful of cases that have been publicized, nothing usually comes of this. The idea of catching the lender doing something wrong and getting the lien vacated has led thousands of homeowners to spend hundred, and sometimes thousands of dollars to get the forensic audit, with it resulting in no solution to their mortgage problem.
- Bankruptcy – Filing bankruptcy can stop a foreclosure sale as long as proof of the filing is provided to the foreclosing attorney before the house is sold. While bankruptcy is very effective at saving a home, the solution is usually not the best for a homeowner struggling with their monthly mortgage payment. In almost all cases the end result of a bankruptcy filing will be that the monthly mortgage payment increases. The payment itself usually stays the same but a repayment amount is added so that you can make up the previously missed mortgage payments. For homeowners who could not afford their mortgage payment prior to the bankruptcy, the higher payment in the bankruptcy is not workable which can lead to this solution failing. Unfortunately, many bankruptcy attorneys do not adequately explain this when selling a homeowner on bankruptcy.
- Forebearance - This is a plan to allow you to go for a period of time without making a mortgage payment, or to work out missed payments over a period of time.
- Reinstatemewnt - This can be accomplished in many ways but it removes the arrears and reinstates the mortgage as current. This eliminates the need for the homowner to pay the missed mortgage payments at the point of the workout
So what can you do?
We offer a Free Consultation/Review of your mortgage situation. Once we gain an understanding of your finanical situation including your income, your mortgage, your monthly budget, the circumstances that led you to have trouble paying your mortgage, your life situation, and your desired outcome we can advise you of your options and our recomendations. In many cases we are able to lower the monthly mortgage payment significantly which leaves the homeowner capable of affording thier mortgage. As part of the process missed payments are capitalized and the mortgage is reinstated current. The easiest way to achieve this is usually a Massachusetts Loan Modification but in some circumstances this is not the case. We offer the Free Consultation/Reveiw with no obligation as our focus is to help the struggling homeowner with the right solution. In some cases, our review results in the determination that there is no way for the homeowner to workout thier mortgage issue. In those cases we will tell you that and advise you what options you have and how to minimize the impact of these options on your credit. We can negotiate a short sale with your lender or a Deed-in-Lieu to prevent foreclosure. Simply fill out our no-obligation form to the left of this page for a free consultation or call now, 1-201-205-2240.