Massachusetts Foreclosure Protection
Massachusetts Foreclosure Protection
Find The Best Forecloser Attorney In Boston
In some cases, your bank will allow you to stop making the regular monthly payments for a period of time until you get back on your feet at which time, you agree to resume making the monthly mortgage payments. This is called a forbearance and like a loan modification, your bank will want to know about your ability to pay them in the future and where you will get the money to do that.
These predators will show up at your house pretending to be your friend and make promises about how they can solve your problems. In fact, many of them are only interested in stealing your hard earned equity, your money or even your home itself. Of course not all of these people are bad actors, some of them are professional real estate investors who are interested in honestly helping you. However, the best advice for you to follow is: Do not sign anything until it has been reviewed by a lawyer that you trust.
Many scam artists can be spotted by the official sounding but phony titles they give themselves, such as ‘foreclosure prevention specialist’ or ‘foreclosure prevention consultant’ or ‘home retention professional.’ These titles are red flags and should make you either hang up the phone on them or shut your door on them right away. They will give you false hope, and tell you everything you want to hear. Be very concerned about anyone claiming that they can help you. Tell them that you will be checking out their background and credentials and that should be enough to scare them away. For the really clever scam artists, you will need to know the three primary techniques they will use to try to take advantage of you.
A commonly used foreclosure scams is a technique called equity skimming. Here, a person claiming to be a buyer will approach you and will promise to bail you out of your foreclosure crisis by paying off your mortgage and giving you a sum of money when the property is sold. The “buyer” will probably reccommend that you deed the property to them, move out, and cut off all communications with your bank.
Typically the scam will play out by the buyer renting out your home to a third party and collecting rental payments for a few months. During this time they will not make any of your mortgage payments and will allow your lender to foreclose on the property. Signing over your deed to someone else does not relieve you of your obligation on the loan.
You must know exactly what you are agreeing to because once you sign the documents, even if the terms were not explained correctly, and even if you did not understand the agreement, you will be responsible for those terms upon the funding of the loan. Always have an experienced attorney that you trust review any such transaction before signing anything. If you are pressured or coerced in any way to enter into an agreement regarding your home, call an attorney or the Office of the Attorney General to report them.
Our team of experienced attorneys and support staff have helped hundreds of people in Massachusetts save their homes from foreclosure each year. If you, a family member, or loved one is facing foreclosure, are behind on mortgage payments, or have received demand letters from an attorney, time is of the essence and it is important to act quickly in order to preserve and protect your home from foreclosure.
Foreclosures occur because of unexpected events that happen suddenly and leave people with a feeling of helplessness, such as a death in the family, a costly divorce, job loss or salary reduction, or a mountain of medical bills. Sometimes it is an adjustable rate mortgage (ARM) that has caused your monthly mortgage payment to skyrocket or a forbearance or loan modification with your bank has not worked out. Perhaps it is difficult for you to communicate with your bank and get a straight answer from any one of your bank’s revolving door employees who never seem to be there when you call back. Or worse yet, you keep getting put into your bank’s voice mail system and are left feeling frustrated, alone and in limbo during this difficult time.
You may wish to keep your house and continue to live there, and to do this, you will need to either “catch-up” on the mortgage payments that you are behind on, or get the bank to “modify” your loan to make the monthly payments more manageable for you. A Chapter 13 Bankruptcy is a solution to the problem for many people who have regular income and just need some extra time to catch up on the mortgage payments that they missed. In some cases, if you have a second mortgage or home equity loan, we can ask the bankruptcy court to get rid of that loan all together to substantially reduce the amount you will owe to your bank. Filing a bankruptcy petition prior to a foreclosure auction is a very powerful tool to stop your bank dead in their tracks from taking your house away from you.
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http://www.massachusettsforeclosurecenter.com
About the Author
www.massachusettsforeclosurecenter.com
Waterfront Lawyers Building
236 Commercial Street
Boston, MA 02109
Phone:(617) 720-1101
fax:(617) 720-1104
Mortgage Regulations Press Conference 12/18/07 (Part 1 of 2)
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The Foreclosure Workbook $16.99 “America’s #1 Do-It-Yourself Foreclosure Prevention Resource Across the nation, foreclosures are on the rise due to designer mortgages, rising debt ratios, and depressed housing markets. Most homeowners have no idea where to find basic, credible, and instructional information about the foreclosure process, or what to do when facing the time crunch before an auction. The Foreclosure Workbook is a revolutionary system that provides an unprecedented approach to foreclosure avoidance, protection, and survival. This workbook presents a proven step-by-step process that guides the homeowner in distress through the hurdles of foreclosure, and presents critical information about state procedures, foreclosure protection legislation, con artists, options, and much more This is the one-stop resource that homeowners need – arming them with easy to understand facts and processes for how to maneuver through the onslaught of mail they receive, fight off foreclosure scams, and organize and prepare a plan for saving their home and credit. Carla Douglin is a national speaker, CEO of Dominion Foreclosure Consulting Services, Inc., and founder of Dominion Housing Counseling Services, a nonprofit organization. For more information, visit our website at www.dfcscorp.com, and view our blog at foreclosuretipsfactsfumbles.blogspot.com” |
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