Stop foreclosure in Massachusetts – It doesn’t have to end in Auction. Facing foreclosure in Massachusetts feels overwhelming, but one true story shows how timely action can save the house – and how you can too. The goal of the homeowner and us was to stop foreclosure Massachusetts. But more on that in a couple moments. Keep in mind that there are many ways to avoid foreclosure in MA, but when the clock has pretty much expired, a homeowner’s options are very limited. We Buy Houses cash MA is one of the options that are available to property owners to stop a Massachusetts foreclosure in the 11th hour.
Imagine… Your home, the place you have put your blood, sweat and tears into. And now there is an auctioneer sitting in front with a big red flag that says “Foreclosure Auction” while identifying their company who is presiding over the foreclosure auction. This is when the idea of a Foreclosure Auction is beyond real.
The auctioneer pulled up about a half an hour before the execution of the Massachusetts foreclosure auction. Now, one by one… Cash investors are pulling up begging at the opportunity to bid and buy your house for pennies on the dollar. They get out of their cars and walk around the property while taking photos of the exterior of the house. They are all smiles and making jokes with one another as it has become a good ole boys club of foreclosure investors working with the banks to rip off homeowners.
They walk up to the auctioneer registering for the auction. They provide them with their ID and a certified bank check ranging from $5,000 to $25,000 for the bigger foreclosure auctions. It’s all jokes and fun to these guys as it’s just another day. Different story to the owner who is inside of the house with their curtains drawn and looking out on the madness in despair.
That’s the process of every foreclosure here in Massachusetts. In Massachusetts, all foreclosures are held at the property. For all of the world to see. We have written a book on How to Stop Foreclosure in Massachusetts. You can buy the book on Amazon or reach out and we will happily send you a free copy.
Here is a recent story of a foreclosure auction and a seller who we had just gone under agreement with a couple days prior. Yes, we can often times stop a foreclosure with just days before a house is set to be foreclosed on.
To set the scene, I am sitting in my truck with the bank on one phone, the bank attorney on another phone and my bank on another phone. In this case, it was Wells Fargo who was the bank and a little sidenote here… If your bank is Wells Fargo, then know that they suck! It took 3 days to get a reinstatement payoff from them. Three days! On the 3rd day at 9am in the morning, I call the bank to tell them that this is negligence and that the seller has every right to sue them at this point. Lo and behold… The reinstatement payoff was in my inbox within 5 minutes. The issue was that the foreclosure auction was set for 10am.
So we had at this point 45 minutes to get a wire out and delivered to Wells Fargo in order to stop the foreclosure. My wife sped to the bank to initiate the wire. As I said, I was waiting in my truck with bated breath. We needed the confirmation number for the wire in order to give us a temporary pause on the foreclosure.
With 6 minutes before the auction was to go, the bank gives me the confirmation number. I pass it along to the bank’s foreclosing attorney who then calls the foreclosure auctioneer. A minute goes by, two minutes goes by… These were long minutes and then bam, I see the auctioneer pick up her phone to what I can assume is the call I have been waiting for.
At this point, they put a temporary pause on the foreclosure auction to verify that Wells Fargo has in fact received the wire. Five minutes goes by. Ten minutes goes by. 15 minutes goes by and I see the auctioneer get another call. This time moving the Foreclosure Auction to 3pm that day. The bank suspended the foreclosure as they needed to verify that the wire was legitimate and that the funds were going to settle. 1pm comes around and the auction is officially canceled!
The owner will now be able to sell their property. They will keep a foreclosure off their financial record while saving a small fortune of their hard-earned equity. They get to sell their house on their terms and with dignity.
According to Mass.gov, over 1,000 foreclosures occur annually in MA – but many can be avoided with timely action. Mass.gov reports that 40% of the yearly foreclosures are preventable via early intervention. Here are some Massachusetts foreclosure prevention tips:
- Loan Modification
- Loan Reinstatement
- .Short Sale
- Bankruptcy
- Traditional Sale
- Selling to a Cash Investor
But it doesn’t need to be like this. This mad rush where people are piled up on your front lawn and you are waiting in bated breath. Rather than a couple of days, give us a week or two and we will get the foreclosure paused or canceled giving you additional time in your house, keeping the foreclosure from happening and off your record and ensuring that you get some of your hard-earned equity.
Unlike traditional sales, our cash offers skip inspections and fees, preserving your equity. Unlike wholesalers, we’re direct cash investors, ensuring full equity payouts. Contact us today to avoid the auction crowd and sell on your terms – no mad rush needed! We are the only call you need to make when you need to sell your house fast in Massachusetts. We are excited to talk with you about our cash buying process.
Being foreclosed on and allowing the bank to steal your hard-earned equity is never the answer.