Strong Legal Defense To Help You Keep Your Springfield Home
When you fall behind on your mortgage payments and face foreclosure, it can be simple to feel helpless. Regardless of your situation, losing your house would almost surely have terrible repercussions for you and your family. You can evaluate your legal options to help you save your house with the assistance of our Springfield foreclosure attorney at the Law Office of Eric Kornblum.
One option you can explore is filing for bankruptcy. By declaring bankruptcy, the foreclosure process may be temporarily halted, providing you with the breathing room and flexibility to get caught up on mortgage payments and plan your next actions.
Our bankruptcy legal team can explain the repercussions of filing and create a plan to safeguard your interests best. We aim to assist you in creating a more stable financial future that will enable you to maintain your property and avoid accruing excessive debt.
Our Springfield foreclosure attorney is prepared to give your case the consideration and compassion it requires. Contact us today to start a conversation.
Why Do I Need a Foreclosure Attorney in Massachusetts?
Cases involving foreclosure are not always final. The best chance you have of stopping foreclosure is to hire a lawyer as soon as possible. Fighting in court for your house is a last resort, and you should weigh all your options before deciding.
Here are just a handful of the many ways a Springfield foreclosure lawyer at the Law Office of Eric Kornblum can help you.
Provide You With Options
Foreclosure defense attorneys know the law better than you. Their competence will save you time, minimize pitfalls, and increase your chances of saving your home. Your best option may be loss mitigation, loan modification, Chapter 13 bankruptcy, or court representation by your foreclosure attorney. Our Springfield foreclosure attorney can help you weigh your options.
Represent You At Settlement Conferences
Massachusetts requires settlement conferences. Your attorney can attend and negotiate with the bank’s attorney to save your house. The conference lets both parties find a non-foreclosure solution. Without a Springfield foreclosure lawyer by your side, you’d face the bank’s attorney alone.
Help You Get A Loan Modification
Loan modifications make payments affordable. Modifying a loan is free, but most homeowners need an attorney to convince the bank. Before deciding, the bank must examine certain critical revenue details. A Springfield foreclosure attorney can give you this information and present it in the best way to help you get a new loan you can pay back.
Help You Pursue Loss Mitigation
Some loans have options for reducing the risk of loss that can help you keep up with your payments. Some lenders may not give you this option, and if you didn’t have a lawyer, you probably wouldn’t know that you could go this route. A Springfield foreclosure lawyer will not only tell you if loss mitigation is an option for you but also help you decide which of the many ways you can go about it to use it.
Raise Defenses In Court
An attorney can detect and correct bank errors in foreclosing your home. For instance, the lender may have breached your loan contract, violated state foreclosure rules, or not owned the mortgage debt. You could be a victim of unfair lending practices or an illegal mortgage assignment and not even know it. An attorney can delay foreclosure using dozens of methods. If the court agrees with your counsel, you may settle or have your action dismissed.
Help You File For Chapter 13 Bankruptcy
If nothing else works, you can get help filing for Chapter 13 bankruptcy from a Springfield foreclosure and bankruptcy lawyer. If your request is accepted, you will have three to five years to catch up on your payments and keep your home.
Your home is important not only because of how much it is worth but also because of the memories it holds. You don’t need to fight for it by yourself. The committed foreclosure defense lawyers at the Law Office of Eric Kornblum can help you get through the process of foreclosure and figure out the best way to save your home. Schedule a conversation today to learn more about how to save your home.
What Is Foreclosure?
Foreclosure refers to the legal procedure that allows a lender or the new owner of a loan to sell your property to pay off the outstanding balance on loan. If you fall behind on your mortgage payments by a sufficient amount, it is highly likely that you will lose your home to the foreclosure process.
When a Massachusetts homeowner fails to make a mortgage payment, the foreclosure process begins. Foreclosure proceedings in Massachusetts cannot commence unless you are at least 120 days behind on your mortgage payments. In addition, Massachusetts law mandates that the borrower be notified of the chance to rectify the default and given 90 days to do so.
If the homeowner has not remedied the payment issue within 90 days, the lender can begin the foreclosure process. The residence is sold to recoup damages incurred as a result of the owner’s inability to pay the mortgage as required under the mortgage contract.
Our Springfield foreclosure defense attorneys have extensive experience effectively halting creditor operations and preserving homes by utilizing different strategies. Don’t wait until it’s too late to save your home. Speak to us today!
What Is Foreclosure By Judicial Sale?
A judicial sale foreclosure involves the sale of a mortgaged property under court supervision. The court proceedings serve first the mortgage holder, then the lien holders, and finally the lender. Foreclosure by judicial sale necessitates the lender’s cautious navigation of the legal process to ensure the legal ownership of the property by the purchaser.
What Is Foreclosure By Power Of Sale?
The power of sale is a provision in the mortgage or trust deed. It states that the lender is permitted to foreclose without court supervision. In Springfield, lenders have access to both judicial and non-judicial foreclosures.
Under Massachusetts law, in order to foreclose on a Springfield property without involving the courts, the lender must publish a notice of sale in a Hampden County newspaper for at least three weeks. Additionally, thirty days before the sale, the owner must receive a notice of sale via registered mail. In the absence of a power of sale clause in your mortgage, the courts may have the final say on the foreclosure.
What Are The Possible Foreclosure Defenses In Springfield?
Not everyone in Springfield can argue against foreclosure. At the Law Office of Eric Kornblum, we don’t factor prior probabilities into your particular situation or foreclosure defense. Our bankruptcy and foreclosure defense legal practice is dedicated to providing each client with a specialized strategy only applicable to their unique case.
Through our private conversations, you tell us about your financial condition, the properties you own, your mortgage, and any payments you’ve missed. Then, our Springfield foreclosure attorney at the Law Office of Eric Kornblum comes up with a strong plan to deal with a possible foreclosure. Your Springfield defense against foreclosure will use a plan that is made just for you.
Our foreclosure attorneys’ extensive knowledge enables us to use any of the following in your defense:
The Mortgage Servicer Committed Errors
It is possible for mortgage agencies to commit errors when handling the accounts of homeowners. Here are some of the most frequent errors to avoid:
- Dual tracking or the process of pursuing foreclosure while another loan modification is ongoing
- Sending mortgage payments to the incorrect recipient
- Inflating the amount of your mortgage payment obligations
- Imposing extra costs for late mortgage payments that were not specified in the contract
If you believe that the mortgage servicer made these or other errors, contact a foreclosure attorney in Springfield immediately for assistance in stopping the foreclosure process. This is one of your finest options for preserving your home.
The Bank Did Not Comply With State Regulations
The foreclosure procedure is complex and time-consuming, which frequently results in errors. If the bank or other lender did not follow foreclosure processes in Springfield, you might have a strong case to stop the foreclosure.
The Foreclosing Party Lacks “Standing”
The foreclosing party is the party that owns the loan. If the lender can’t prove that they own the loan, then that means they lack “standing.” They then can’t foreclose the home.
This actually happens a lot because banks often bundle your loan with other loans and sell them to other banks or investors. This can make it difficult to track who exactly owns the loan for your house.
You Are Serving In Active Duty
The Servicemembers Civil Relief Act (SCRA) affords active-duty personnel with unique rights. This prevents Springfield lenders from foreclosing on your property without formal court action. You can give a defense with the assistance of a Springfield foreclosure attorney.
Unless you sign a waiver for the lender, the foreclosure processes must take place in court, even if that is not the standard if you obtained your mortgage before entering active duty.
The Limitation Period Has Expired
The statute of limitations protects homeowners from foreclosure if enough time has passed since they ceased making mortgage payments. Some mortgages and missed payments, believe it or not, do fall through the cracks.
The statute of limitations for Massachusetts foreclosures under Massachusetts law is five years. Consequently, even if you make mitigation payments, you could lose your Springfield house if you default on your mortgage in five years. However, Massachusetts law permits property owners three years to redeem their property. The loss of a Springfield property to the bank without redemption might result in forced eviction and harm your credit score.
Other Foreclosure Defenses
Here are some less usual foreclosure defense options that may be helpful to your case:
- Since you are already making payments on a modified loan, the foreclosure should not have been launched.
- If you have a VA, USDA, or FHA loan, you believe the lender violated federal guidelines.
- You have never received a letter from the lender advising you of a breach of your mortgage contract or deed of trust.
- A family must remain in the home for a longer period of time.
- A short sale is an option for the property.
- It is necessary to postpone a foreclosure sale.
Our Springfield foreclosure attorney at the Law Office of Eric Kornblum understands the anxiety and fear that come with the prospect of foreclosure. We are dedicated to assisting you in leveraging our resources to preserve your house and lead a debt-free life.
How Does Bankruptcy Stop Foreclosure?
By declaring bankruptcy, you can halt the foreclosure process and buy yourself some time to make up missed payments. The court swiftly orders the automatic stay, which stops all collection efforts, when you file for bankruptcy. Any pending or ongoing foreclosure will be temporarily stopped by the automatic stay. Additionally, it will stop wage garnishments, repossessions, litigation for collections, and harassment by creditors.
Stopping a Foreclosure with Chapter 7 Bankruptcy
In the United States, Chapter 7 bankruptcy filings are the most frequent. It offers the quickest route to debt relief and doesn’t call for a payback schedule. Within 3 to 4 months of filing a petition, the debtor often receives a fresh start in the form of a discharge order.
Chapter 7 bankruptcy cannot stop the foreclosure from taking place eventually because it does not include a repayment plan. The lender has two options: either wait until the bankruptcy discharge is granted or file a motion for relief from the automatic stay so they can proceed with the foreclosure action.
The only way around it is typically to either negotiate a loan modification or bring the mortgage arrears current by making all missed payments. The extra time you need to make this happen may be achieved by filing for Chapter 7 bankruptcy, but once the stay is lifted, the lender can immediately resume the state foreclosure process where it left off.
Some people choose to file for Chapter 7 bankruptcy to gain a small amount of time to relocate but not to stop the foreclosure. Assuming this is their first case, this will afford them at least three weeks, if not more, to get their ducks in a row. They can proceed without worrying about a deficiency judgment since the bankruptcy will pay the mortgage debt. That will be released.
Preventing A Foreclosure With Chapter 13 Bankruptcy
In contrast to Chapter 7, Chapter 13 bankruptcy features a 3-5 year payment schedule. If you file for Chapter 13 bankruptcy, you may have up to 5 years to catch up on your mortgage payments. Your debt obligations will be combined during this time into a single monthly payment. The automatic stay will continue to stop foreclosure as long as you make this payment, giving you time to organize your finances and pay off your mortgage obligation.
In addition, some Chapter 13 bankruptcy courts offer Mortgage Modification Mediation Programs. These programs are intended to simplify the process of mortgage modification. With the help of a specially built site, the program connects lenders with their borrowers and eliminates the pain of submitting and resubmitting hundreds of pieces of paperwork. And the bankruptcy court oversees the entire process.
It is crucial to understand that missing mortgage payments cannot be discharged in order to stop foreclosure after filing for bankruptcy, but being able to get rid of other types of sizable debt can provide you the financial breathing room you need to make up any missed mortgage payments.
Throughout the process, our Springfield foreclosure and bankruptcy attorney can assist you in evaluating your alternatives and provide guidance on bring-you-current tactics. Start a conversation with us today!
Call our Springfield Foreclosure Attorney Now!
If you are going through the foreclosure process or believe you will lose your house in the near future, do not assume you must go through it alone. You are entitled to a tailored defense against foreclosure in Springfield.
To fight a Springfield foreclosure, you need a lawyer who is familiar with the facts of your case, pays close attention to what you have to say and spends time gathering evidence. At the Law Office of Eric Kornblum, you can find lawyers who are as devoted to their clients as this.
In Springfield, we offer services in bankruptcy, debt negotiation and debt settlement, garnishment, student loans, and more. Our team is not only ready to take on these situations, but we also provide thorough and client-focused legal services. You will receive a tactical foreclosure defense with a regional focus from the beginning of your case until the conclusion at the Law Office of Eric Kornblum.
Call us today to schedule a conversation with our Springfield foreclosure attorney to find out how we can assist you.