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Help For Foreclosure In Springfield – 3 Ways To Avoid Foreclosure

Few things are more devastating to families than the prospect of foreclosure. You own your home and you love it — it serves you well. Yet, due to unfortunate circumstances, foreclosure may seem imminent.

For local MA families facing foreclosure, the pressure can feel overwhelming. To make matters worse, the foreclosure process can drag on for months or even years, prolonging the distress longer than anyone desires.

Thankfully, there are available solutions for homeowners here in MA — potentially more options than you might be aware of. Numerous legal strategies exist to assist with foreclosure in Springfield; these are effective foreclosure avoidance tactics that you can utilize to resolve your foreclosure situation and move forward with your life.

Discover 3 effective strategies to prevent foreclosure and ease your financial burden in Springfield, MA. Our goal is to assist you in navigating the process ethically and legally, minimizing long-term financial impacts. While not all strategies may be suitable for every situation, you are likely to find at least one approach that suits your circumstances.

Strategy #1: Work out a deal with your lender

One effective strategy is known as a “foreclosure workout”. During a foreclosure workout, you will meet with your lender and express your concern about being unable to meet your current mortgage obligations. However, you are interested in finding a solution that allows you to remain in your home and keep up with your mortgage payments.

Contrary to common misconceptions, lenders are not eager to foreclose on properties. Rather, they prefer satisfied customers who fulfill their mortgage obligations. As such, lenders are typically open to collaborating with homeowners to find mutually beneficial solutions. This could involve options such as a temporary suspension of mortgage payments, a repayment plan to catch up on missed payments gradually, or a renegotiation of the outstanding loan balance.

Strategy #2. Bankruptcy

Considering bankruptcy may feel drastic, but it can be a crucial tool in your kit for avoiding foreclosure. By filing for bankruptcy, you signal to your creditors that you are unable to meet your financial obligations. This action effectively halts the foreclosure proceedings, as all creditors are required to cease collection activities.

Considering bankruptcy as a solution is quite extreme as it may necessitate the liquidation of some assets to settle debts. Furthermore, a bankruptcy record can significantly influence various aspects of your financial life for a substantial period, affecting your ability to secure loans, buy a car, or even land a job. It is advisable to explore alternative options before resorting to this measure!

Strategy #3. Short sale help for a foreclosure in Springfield

A short sale is the third strategy — this is where you sell your home and put the proceeds of the sale toward the amount owing on your mortgage loan. A short sale is a preferred method for people facing foreclosure because it is proactive, fast, and very effective.

  • It’s proactive, which means that you take matters into your own hands (that’s a major stress eliminator because so much of the stress of foreclosure comes from the process being completely out of your control).
  • It’s fast — in some cases, you can sell your home in as little as a week! That’s also because it’s local: You can get help for foreclosure in Springfield since organizations like Hampden Homebuyers help people going through short sales.
  • It’s very effective because a short sale can completely wipe out (or almost wipe out) the amount owing on your mortgage. If there is any amount left over that is not covered by the sale of the property, you’ll be responsible for it (although you can sometimes work out a deal with your lender).

Opting for a short sale may require you to leave your home, but the silver lining is that it can have a milder effect on your credit score when compared to bankruptcy or foreclosure. This strategic move could provide you with more flexibility in the long run.

Whatever option you choose to avoid foreclosure it is best to be proactive and not wait until the last minute when your choices may have run out.

If you find that you’d love to sell your house to get out from under your MA foreclosure…

Give us a call today at (413) 248-7355 or click here to fill out the form and we’d like to make you a fair all-cash offer on your house.

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