Massachusetts Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons

State:
Multi-State
Control #:
US-02509
Format:
Word; 
Rich Text
Instant download

Description

Petitioner provides written demand that foreclosure action be ceased on certain real property.

How to fill out Letter To Foreclosure Attorney - General Demand To Stop Foreclosure And Reasons?

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FAQ

Put your name, address, phone number, loan number, and date on the top of the letter. List the name and address of your lender. information about any money you have saved for a workout agreement. Tell the lender you are working with a foreclosure counselor and include their name and agency.

It's theoretically possible to refinance your mortgage to avoid foreclosure by getting into a more affordable payment, but you have to do so before you enter foreclosure.

Reinstating the Mortgage Loan Reinstating a loan (bringing it current by paying all past-due amounts) stops a foreclosure because the borrower catches up on the defaulted payments. Some states have a law permitting a delinquent borrower to reinstate the loan by a specific deadline.

The law now requires that lenders send a 150-day right-to-cure notice rather than a 90-day notice in any case where the property sought to be foreclosed is the borrower's principal residence and is collateral for a residential loan.

California changed its law at the beginning of the 2023 to require that certain sellers of foreclosed properties containing one to four residential units only accept offers from eligible bidders during the first 30 days after a property is listed.

There are two ways lenders in Michigan can foreclose: Judicial Foreclosure where the lender must take the borrower to court (this type of foreclosure is not common), and. Foreclosure by Advertisement where the lender may foreclose by scheduling a Sheriff's sale and advertising the sale in a local paper.

To cure, you will need to make all your missed payments to the lender before the cure period ends. If you can't cure, you can use this period to apply for a loan modification. You may also receive a Right to Request a Modified Mortgage Loan notice.

You can potentially file for bankruptcy or file a lawsuit against the foreclosing party (the "bank") to possibly stop the foreclosure entirely or at least delay it. If you have a bit more time on your hands, you can apply for a loan modification or another workout option.

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Massachusetts Letter to Foreclosure Attorney - General Demand to Stop Foreclosure and Reasons