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Are You Facing
Foreclosure?
The Foreclosure Process in
Massachusetts
The Short Sale Process
Foreclosure vs.
Short Sale - Which is Better For You?

Is Your Home Being Threatened With Foreclosure?

We all face difficult challenges in our lives at one time or another when it comes to finances. Loss of employment due to downsizing or health reasons, credit card debt, divorce, an unexpected death in the family, lawsuits and any number of other reasons can put a strain on your budget, making it difficult to keep up with your mortgage payments. Each homeowner confronts unique circumstances. While credit cards will accept partial payments, most mortgage lenders will not. Pretty soon you find yourself 3 or 4 months behind in your payments. When this happens, the mortgage company will likely begin foreclosure proceedings by serving a notice of default.  A notice will then be published in the local newspapers. You will have to pay all back payments, plus late charges and attorney fees.

It is at this point you need to act quickly, as your property is on the fast track to the auction block. Do not ignore the letters you receive from your mortgage company. Contact your mortgage company immediately to explain your situation. You should be prepared to provide them with a financial statement, including your monthly income and expenses. You may be able to work out a repayment plan with the lender, making your current payment along with some extra money going toward the past due balance. But if your financial situation hasn't improved since you fell behind in the first place, it will be hard for your to come up with the current mortgage payment, never mind the additional money. 

If refinancing is not an option for you, then we can place your home on the market, and sell it quickly at the highest price that the market will bear, leaving you with cash in your pocket if you have equity. The more time you have, the better the chance you will have of selling your property for its full market value. Your home may be worth more than you realize. It all starts with a free, no obligation market analysis of your home. From here we will decide what is the best path for you to take.

If you owe more to the bank than you home is currently worth, we will work with your bank to obtain permission to do what is called a "Short Sale" - selling your property for less than what is owed on it.
Read more about the short sale process and how it can help you.

Please be assured than any information you give me is held in the strictest of confidence. Time is of the essence when facing foreclosure.


The Basic Foreclosure Steps

1. Default -  After missing one payment, the lender will send the you a letter stating that you are in default under the terms of the note and mortgage. You typically must miss at least 2-3 payments for the lender to start the foreclosure process.

2. Legal Notice - the lender of the foreclosing property must notify homeowners that they are entering into the foreclosure process. There are notices filed at the registry of deeds and in the local newspapers. Prepare to be called and to receive letter from all types of people claiming to be able to save you from foreclosure or offer to buy your home. Some are legit, but many others can be scams.

3. Bank Sale or Auction Date - homeowners are informed that they have a bank sale or auction date at which point the foreclosing mortgage company will sell or gain control of the property.
See the Massachusetts Foreclosure Law & Process Here.


Links to help you deal with foreclosure.

HOPE NOW is an alliance between HUD approved counseling agents, mortgage companies, investors and other mortgage market participants that provides free foreclosure prevention assistance.
http://www.hopenow.com/

Help Save Your Home 
(Dept of Housing & Urban Development - HUD)


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Armstrong Field, Inc
Real Estate
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281 Essex Street, Unit C3
Salem, MA 01970
Call 978-740-8700

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