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Home / Real Estate Information / Home Buyer Tips / Massachusetts Foreclosure Misinformation And Guidance For Property Owners

02.15.12 Home Buyer Tips

Massachusetts Foreclosure Misinformation And Guidance For Property Owners

Massachusetts foreclosures are abundant and so are the myths on them. It is important for current and future home owners to understand the facts. This blog covers Massachusetts foreclosure misinformation and guidance for property owners.

Foreclosure Myths

Only Delinquent Home Owners Get Help

Home owners can request loan modification and other assistance programs before missing any monthly payments. These options review your financial standing to calculate eligibility.

There Are No AlternativesOptions After the Foreclosure Notice Is Issued

Banks lose a lot more money on foreclosure. Even if foreclosure proceedings have begun, lenders can still allow you to prevent foreclosure. A short sale is also possible prior to a finalized foreclosure. Short sales consist of finding a buyer for your home and getting the lender to allow a sale for less than what is owed.

You Must Move Out Right After the Foreclosure Notice

The foreclosure notice is simply the first step in a lengthy process and it typically is not issued until you are several months behind on your mortgage. It may take an extended period of time for a lender to complete the necessary process to repossess your home. Even though you do not need to immediately leave your property, you should prepare ahead of time by packing up things that you do not use and having a moving plan in place.

I Can Never Purchase Another Home

Although a foreclosure impacts future lenders and dramatically drop your credit rating, you may still be able to be able to get another mortgage in the future. It is important to demonstrate good credit practices to improve your score during that time. Creditors may charge you a higher interest rate and require a larger down payment to offset the risk of giving you a new mortgage.

The Lender Takes All of My Property

Furniture, clothing, and other personal belongings are not taken. Only items affixed to the property must remain. This includes flooring, light fixtures, major systems, etc. Think about what you would traditionally leave behind if you were selling the home and use that as a general guideline.

I Have No Financial Responsibility After Foreclosure

After foreclosure, a residence may sell for less than what owed to the bank. You are legally responsible for that remaining amount. There may be ways for the bank to “charge-off” that amount. Consult with a Massachusetts attorney to understand your options.

Massachusetts Foreclosure Misinformation And Guidance For Property Owners

There are a variety of other myths and facets of foreclosure other than what is covered above. Procedures can also differ from state to state. This blog on Massachusetts foreclosure misinformation and guidance for property owners is only a basic overview. Be sure to get professional guidance if you are expecting foreclosure, and start the process prior to missing any payments.

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Tags: Massachusetts, foreclosures

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Chris Graves

I grew up in Massachusetts, spent the majority of my young adult life in Boston, and own a home in Windham NH. I have owned properties in MA and NH. I specialize in mortgage lending in Massachusetts and New Hampshire and my company does have the ability to lend in other states. I graduated from the University of Massachusetts in Amherst Massachusetts in 2002. I have a Bachelor’s in Science. In addition to managing a team of loan officers my personal loan production is always in the top of the entire of company. I have personally been in the mortgage business for over 13 years. I pride myself with taking my clients from application to close in the smoothest and quickest way possible, while keeping them well informed during the entire process. I originate my own loans from start to finish and work hand in hand with my loan processors & underwriters to make sure I am updated to the minute with all of my files. I stay up to date with lending guidelines and speak with underwriters on a daily basis to ensure I am aware of all of the lending guidelines in place.

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  • Local Information (55)
  • Misc Topics (13)
  • Mortgage Information (107)
  • News (21)
  • Real Estate Information (165)
    • Featured Properties (2)
    • Home Buyer Tips (123)
    • Home Maintenance & Repair (12)
    • Home Seller Tips (37)
    • Market Trends (15)

Disclosure

Company NMLS 1788.
Licensed by the New Hampshire Banking Department #13092-MB.
Licensed in Massachusetts.
Licensed in Maine.
Lender and Broker License #MC-1788.
http://www.nmlsconsumeraccess.org
Click Here for Our Privacy Policy

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