Best Foreclosure Lawyers in Norwell

About Foreclosure Law in Norwell, United States

Foreclosure is the legal process through which a lender can repossess a home if the homeowner has failed to make mortgage payments. In Norwell, which is part of the Commonwealth of Massachusetts, foreclosure laws are primarily based on state regulations. Massachusetts is a non-judicial foreclosure state, meaning that the process does not typically involve court intervention unless a homeowner contests the foreclosure.

Why You May Need a Lawyer

There are several situations in which you may need legal help with foreclosure in Norwell:

• Mortgage Default: If you are unable to make your mortgage payments, legal advice can help you understand your options and rights.
• Foreclosure Notice: Upon receiving a foreclosure notice, a lawyer can help you assess the validity of the process and any potential defenses you may have.
• Potential Foreclosure Defense: A lawyer can assist in finding defenses like loan modification errors or predatory lending practices.
• Short Sale or Loan Modification: Understanding your legal implications when negotiating a short sale or a loan modification can often require the help of a lawyer.
• Damage to Credit Score: Legal advice can help mitigate the negative impact on your credit score.

Local Laws Overview

In Norwell, foreclosures generally follow non-judicial procedures under Massachusetts law. Here are some key aspects of the local laws:

• Notice Requirement: Notice of the foreclosure must be given to the borrower at least 30 days before the sale date.
• Right to Cure: Borrowers have the right to cure a default within 150 days to stop a foreclosure.
• Public Auction Requirement: Foreclosures are typically carried out via public auction, which must be advertised in a local newspaper for three consecutive weeks.
• Deficiency Judgments: The lender may pursue a deficiency judgment if the sale amount falls short of the owed debt, but must do so through the court.

Frequently Asked Questions

What is foreclosure?

Foreclosure is the legal process in which a lender attempts to recover the balance of a loan from a borrower who has stopped making payments by taking and selling the mortgaged property.

How long does the foreclosure process take in Norwell?

The non-judicial foreclosure process in Massachusetts can take about 3 to 4 months from the initial notice of foreclosure, depending on various factors, including the borrower's response and any legal interventions.

Can I stop a foreclosure in Norwell?

Yes, foreclosure can be stopped if you bring the loan current, obtain a loan modification, or sell the property. In some cases, filing for bankruptcy might temporarily halt the process.

What is a deficiency judgment?

A deficiency judgment occurs when the sale proceeds from a foreclosed home are insufficient to cover the outstanding mortgage. The lender can seek a court order to require the borrower to pay the remaining balance.

Do I receive any notice before foreclosure?

Yes, you will receive a notice of default and intent to foreclose, after which the process leading up to a foreclosure auction must be followed according to specific legal procedures.

Are there rights to redemption in Massachusetts foreclosures?

No, Massachusetts does not give borrowers a right to redeem their property after the foreclosure sale.

What should I do if I receive a foreclosure notice?

If you receive a foreclosure notice, consider contacting a lawyer immediately to explore your options to either prevent the foreclosure or manage its consequences effectively.

Can I still live in my house during foreclosure proceedings?

Yes, you can stay in your home until the foreclosure process is completed and the property is sold at auction.

Should I attend the foreclosure auction?

It is generally not necessary for the borrower to attend the auction, but you may choose to be present as the outcome directly affects you.

What happens if my home sells for more than I owe?

If your home sells for more than the amount owed on the mortgage, you should be entitled to receive the surplus funds after all costs of the sale are covered.

Additional Resources

For those seeking additional help, the following resources may be helpful:

• Massachusetts Department of Housing and Community Development: Offers information and resources for those facing foreclosure.
• Massachusetts Legal Help: Provides free legal information, including articles on foreclosure defenses.
• NeighborWorks America: A nonprofit organization offering foreclosure counseling services.

Next Steps

If you need legal assistance in dealing with foreclosure in Norwell, consider the following steps:

• Consult a Local Attorney: Engage with a local attorney who specializes in foreclosure law to better understand your rights and options.
• Gather Documentation: Collect all relevant documents, including mortgage agreements, notices from your lender, and payment records.
• Assess Financial Position: Analyze your financial situation to consider potential repayment plans, modifications, or other solutions.
• Explore Government Programs: Check eligibility for any government assistance programs aimed at preventing foreclosure.