Foreclosure can hit anyone. Many homes can be SAVED FROM FORECLOSURE ONLY BY LEGAL ACTION. ONLY an Attorney can use the legal process to stop a foreclosure. Beware of scams and pseudo- 'Foreclosure 'experts' who are trying to buy your house out from under you - not trying to help you. The Lenders all use attorneys - YOU SHOULD TOO. It costs you more not too.

SCAM WARNING: ONLY A LICENSED ATTORNEY CAN FORCE A LENDER to STOP FORECLOSURE! The Massachusetts Attorney Generals Office has stated that 96% of "credit counseling" outfits in this state are operating ILLEGALLY! Don't be scammed by phony promises.

You have legal rights that ONLY an attorney can enforce:
To stop a foreclosure proceeding by legal action
in a Bankruptcy action
in a lawsuit
in an eviction;
YOU ALSO MAY BE ELIGIBLE TO COLLECT MONEY DAMAGES if your rights have been violated!

CONTACT US NOW and talk with an expert. Save your Home. Stop the predatory Lenders in their tracks. Reverse the roles. Empower yourself and take advantage of the LAWS that were written to help you in this predicament!

If you have a foreclosure sale scheduled within the next 30 days call the numbers below now for immediate emergency assistance 1-800-879-3989 (24/7) or (617) 479-4300

If you do NOT have a sale pending within 30 days please fill out this short form for assistance:

Don't face Foreclosure without watching this Video!!!

*** BREAKING NEWS*** : State law in effect May 1, 2008 has placed an automatic 90 day stay on foreclosure actions.

YOUR OPTIONS:

1. Allow a foreclosure: Even here an attorney can often DELAY the process so that no eviction takes place for up to a year.

2. Deed in Lieu of Foreclosure: Deed property to bank. Appropriate for "Upside down" valuations where value has dropped below the mortgage balance.

3. Negotiate with your Lender: Refinance - Reinstatement - Forbearance - Modification - Renegotiate the loan terms.

4. Bankruptcy: Ch 13 if you are working and have assets to protect. This plan lasts for 5 years but has a greatly reduced payment schedule. Ch7 if your assets are samller than your debts. Over in a matter of months..

5. Short Sale: Short sale happens when the bank allows you to sell the property for less than the mortgage and (presumably) agrees not to chase you for any shortfall. A new Tax ruling helps homeowners if the property is a principal residence..

6. Debt consolidation plan - Some owners would be able to pay the mortgage IF other unsecured monthly bill payments (i.e. credit cards) were reduced.

7. Jingle Mail - “walk away” . The act of literally walking away from your house without paying the mortgage. It refers to the practice of homeowners mailing keys back to the bank, hence “jingle mail”. Without a written workout agreement from the lender however you could subject yourself to shortfall balances which the bank can pursue you for.

8. Lawsuit - if there have been Predatory Lending practices: ie, excessive fees, interest rates or inflated/phony valuation.

ALSO: The Massachusetts Housing Finance Agency has announced the Massachusetts 'Home Saver Foreclosure Prevention Program' The product is a $250 million refinance loan program. $190 million in funds are from the Fannie Mae MyCommunity Mortgage Program. MassHousing will contribute $60 million from the sale of taxable bonds. Call us to learn more.

Massachusetts Governer Patrick has recently unveiled a 5 point program to affored foreclosure relief: Foreclosure relief plan. Parts of the plan include:
MassHousing Loan Refinancing Program
Eligible borrowers can be up to 60 days delinquent on their mortgage and have credit scores as low as 560.
Transition Resources
Participating lenders* will provide moving expenses and first and last month’s rent to eligible homeowners who have lost their homes to foreclosure. Eligible homeowners are those with a sub-prime** adjustable rate first mortgage on an owner-occupied 1-4 family home that was originated between January 1, 2004 and December 31, 2006 who have been foreclosed on within 4 years after the loan closed. Homeowners must also work with an approved housing counselor, fully vacate the property within 30 days of foreclosure and leave it in habitable condition. Homeowners should contact NeighborWorks at 1-888-995-HOPE to locate a participating housing counseling agency. * To date, Option One Mortgage Corporation and the Massachusetts Credit Union League, Inc. have agreed to provide funding for transition resources. Negotiations are ongoing and this site will be updated to reflect recent developments as they become available.
Best Practices
The foreclosure prevention plan also outlines the following best practices for lenders which will become increasingly important as more adjustable rate mortgages reset to higher interest rates:
contact borrowers at least three months prior to a mortgage reset;
consider long-term loan modifications;
review whether a sub-prime borrower qualifies to refinance into a more affordable product after one year of satisfactory payments;
require escrow of taxes and insurance for all new sub-prime borrowers;
allow a pre-foreclosure sale or a deed in lieu of foreclosure - an Attorney is advised for all foreclosure proceedings!

The Home Saver Program will refinance mortgages that were used to purchase a primary residence and/or refinance mortgages when the cash received by the borrower(s) at closing was utilized for home improvements, medical expenses, school expenses, and repayment of high cost credit accounts.

NEW Massachusetts LAW - effective MAY 1, 2008 puts a 90 day freeze on some Foreclosures. This NEW LAW places A 90 DAY STOP ORDER ON some Residential Foreclosures - Find out which ones! This new Law affects your right to CURE YOUR DEFAULT within a 90 day time frame.

New IRS LAW - Helps homeowners in Short Sales: The Mortgage Forgiveness Act of 2007 allows individuals to exclude from gross income a discharge of qualified principal residence indebtedness. This exclusion applies after 2006 and before 2010. To claim the exclusion you must file IRS Form 982 "Reduction of Tax Attributes Due to Discharge of Indebtedness (and Section 1062 Basis Adjustment).

Have you been "Scammed" by your mortgage service Company ??? Two methods of scam are: when the lender/servicer unnecessarily places an additional insurance policy on your property when you already have insurance, then they make you pay for it!!.
Another scam is paying your property tax late and charging the late fees to your account.

Law Office of Bernard J. Hamill
617-479-4300