The process of foreclosure begins when a homeowner, also known as the borrower, misses their loan payment or mortgage. Once a payment is missed, a homeowner is at risk for losing their home and/or property. Through the process of foreclosure, the lender has the right to recover or repossess the property the loan – and reselling it to recover their loss. The borrower will not only lose their home but will also ruin their credit for years to come. Their dreams of owning a home are soon to be shattered. Our Bankruptcy firm, with offices throughout Massachusetts, can help if you are about to face or are in foreclosure!
Reasons for Foreclosure and Bankruptcy Protection
There are a number of reasons for foreclosure and it doesn’t discriminate, it can happen to anyone.
The financial burdens of divorce and illness are two significant reasons. Without enough savings, job loss and unexpected home repairs are also prime reasons to default on a mortgage payment. Sometimes people enter into foreclosure due to being financially irresponsible. They simply do not have the discipline to prioritize their mortgage payment over frivolous spending. Whatever the reason, foreclosure is a process that nobody should go through alone.
The attorneys at our bankruptcy firm are skilled and experienced in helping people through the foreclosure process. Depending on your situation, our counsel can help you every step of the way, beginning with your legal rights and options on how to move forward. With five locations throughout Mass, including Framingham, Westborough, Leominster, Watertown, and Worcester. Call today to set up your appointment 781-277-0411.