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Alleviate the Stresses Of Debt

When to Choose Foreclosure or a Short Sale in Massachusetts

Massachusetts Foreclosure Defense Attorney Explains Options

If you are facing financial hardships and cannot pay your mortgage, do not stress. There are legal options available to you! With the help of a skilled Massachusetts foreclosure defense lawyer at The Law Office of Glenn F. Russell, Jr. the best option to avoid foreclosure can be determined. For some Massachusetts homeowners, a short sale could bring the most satisfactory results and help families avoid foreclosure on a home.

What is a short sale? Is it right for me?

A short sale is the sale of your home for an amount that is less than the amount that you still owe on your mortgage debt. A short sale must first be approved by your lender or creditor. Although a short sale is not right for everyone, many homeowners choose a short sale when they are unable to afford mortgage payments or cannot pay the difference between the sale price and the unpaid mortgage amount.

Advantages to a short sale include:

  • Relief from paying an overwhelming mortgage
  • After a foreclosure, you can only buy a home after five to seven years have passed, whereas after a short sale, you can buy a home within two years
  • Foreclosure can be time consuming and expensive, whereas short sales are quick and typically much more cost efficient

There are disadvantages to short sales, however. Homeowners may experience damaged credit reports after agreeing to a short sale. Additionally, if a homeowner has more than one mortgage, any additional creditors must agree to the short sale. Because creditors are paid less than what you actually owe, it is typically challenging to persuade creditors to agree to a short sale.

Your Financial Resolution Is Only a Phone Call Away

Generally speaking, if you are having trouble making mortgage payments or are experiencing financial hardship, we recommend that you speak immediately with a Massachusetts foreclosure defense attorney from our firm. The sooner you speak with a legal professional, the faster you can get back on your feet and restore financial security.

Contact The Law Office of Glenn F. Russell, Jr. as soon as possible to determine whether a foreclosure or a short sale is the best option for your unique situation.

Are You...

  • Looking for legal advice?
  • In need of a legal consultation?
  • Looking for answers?

The Law Office of Glenn F. Russell, Jr. is here to help you and provide legal guidance as needed.

Hear From Our Happy Clients

"Attorney Russell has been God-send to us!"
Attorney Russell has been God-send to us! He took our cases and turned them around! Best lawyer we've ever had!
- Earl F.

Our FAQ

  • Do I really need a foreclosure lawyer?
    Absolutely. Should you need foreclosure defense counsel, only an experienced attorney can determine which course of action is best for you. Whereas predatory scam artists try to prey on your financial vulnerability, a skilled foreclosure defense attorney genuinely can look out for the best interest of you and your family. Legal advice must be practical and efficient in order to be effective, so if you need strong legal guidance, trust that The Law Office of Glenn F. Russell, Jr. can offer the counsel needed to successfully navigate the complicated legalities of foreclosure or bankruptcy.
  • Third parties are offering to help my foreclosure process. How do I know who to trust?

    Perhaps one of the greatest obstacles individuals encounter during the foreclosure process is learning who to trust and who to avoid. Due to the nature of the foreclosure process, descriptions of any homes being foreclosed may be published and accessible as public information. It is a sad truth that there are fraudulent companies that prey on public lists of foreclosing homes and attempt to take advantage of a people's financial vulnerability.

    You may be contacted by mortgage brokers, mortgage negotiators, or mortgage holders. You may also be contacted by a Massachusetts bankruptcy attorney or a private financier who offers to help you sort out your finances. These parties may be dependable sources of legal and helpful advice during your foreclosure.

    Unfortunately, there are frauds and scam artists who will try to take your home or your money without providing any sort of service. A general word of advice we give to clients to follow is: If a deal sounds too good to be true, it probably is. Avoid scams with the help of a qualified attorney from our firm!

  • What happens at a foreclosure sale?

    It doesn't happen all the time, but if you have exhausted all of your legal alternatives and feel as though a foreclosure or short sale is the last resort, you need to know what to expect.

    No foreclosure sale is exactly the same, but for the most part, the foreclosure sale process typically involves the following:

    • Lenders must first send a notice of a foreclosure to the homeowner. The notice must be sent at least 14 days prior to the foreclosure sale date.
    • A foreclosure sale will take place at the date, time, and place specified in the foreclosure notice.
    • The foreclosure sale will be conducted by a licensed auctioneer. The auctioneer will read various legal notices, descriptions, and documents pertaining to the property.
    • The auctioneer will take bids on the property, take deposit checks, and accept the highest bid to close the foreclosure property sale.
    • Parties - including the mortgagor, the purchaser, and the auctioneer - will draft a foreclosure deed, which must be recorded and filed at the Registry of Deeds.
    • A grace period - typically 30 days - will be given to allow the purchaser to line up financing.
    • A closing will take place, and the new owner will formally take title to the foreclosed property.

    All monies paid by the new purchaser will go toward paying real estate taxes, owed mortgages, and payments to creditors or other debts owed on the property. If no one at the foreclosure sale is able to bid a high enough amount to cover the debt of the property, then the balanced owed - called a deficiency - would then be the liability of the old owner.

Why Choose The Law Office of Glenn F. Russell, Jr.?

  • 100's of Clients Helped
    Glenn has helped hundreds of clients through their bankruptcy & foreclosure issues.
  • Offering 100% Free Consults
    Talk through all of your legal options during a free consultation.
  • Over 15 Years of Experience
    Glenn has been stepping forward to help homeowners through foreclosure for years.

Contact The Law Office of Glenn F. Russell, Jr. Today!

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