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Bankruptcy is a process...Not the end.

What is Foreclosure?

Providence and Attleboro Bankruptcy Help Attorney

Foreclosure is a legal proceeding wherein a lender seeks to repossess collateral (your home) for a mortgage loan that is in default. When a borrower fails to uphold his or her end of a mortgage agreement by failing to make payments or failing to keep taxes and insurance paid, the borrower may be considered to be in “default” which means that he or she has failed to meet legal obligations outlined in the mortgage contract. Foreclosure proceedings typically do not start at the first missed payment. Although it may vary depending on the lender, in most cases foreclosure action will begin after 90 days of nonpayment.

If you have received a notice of foreclosure and are interested in discussing your options in saving your home, a Massachusetts and Rhode Island foreclosure attorney at our law firm may be able to help. At BK Law Group PC, we are committed to helping homeowners throughout the commonwealth. We understand the foreclosure process in Massachusetts and Rhode Island and can use our legal knowledge and experience to fight your foreclosure.

The Foreclosure Process in Massachusetts and Rhode Island

Though the specific process may vary, following is the general outline of how a homeowner may find him or herself facing foreclosure:

  • Upon the first month’s missed payment, your lender will typically contact you by phone or letter.
  • Upon the second month’s missed payment, the lender will most likely begin calling you in an attempt to discuss why you have missed payments.
  • After the third month’s missed payment, you will most likely receive a notice from the lender (a “Demand Letter” or “Notice to Accelerate”) stating the amount of money you owe and that you have 30 days to bring your mortgage current. If you do nothing, the lender will typically start foreclosure proceedings.
  • Upon the fourth month’s missed payment, you will be nearing the end of the 30-day window your lender gave to bring your mortgage current. If you still are unable to pay, you will begin dealing with the lender’s attorneys and may be held accountable for all attorney fees.
  • The lender’s attorney will schedule a Sheriff’s or Public Trustee’s Sale, which is the actual date of foreclosure. You will usually have until this date to make any final arrangement with your lender or pay off all past due payments and attorney’s fees.
  • Even after the sale date, you may have a redemption period, which may still enable you a small window of time to save your home. This may vary depending on your case and will be included in the notice of Sheriff’s or Public Trustee’s Sale.

There are two primary tips we can offer in regard to foreclosure. First, stay in contact with your lender to let them know what is going on. Taking their calls is much better than ignoring them or hoping they will go away. Second, involve a lawyer as soon as possible. Your foreclosure defense lawyer can advise you on what to do in the face of foreclosure and can take over all communication with your lender to seek a positive resolution to this serious matter.

Contact a Massachusetts and Rhode Island Foreclosure Defense Lawyer at our law firm today.