How to Stop a Foreclosure in New Bedford, Massachusetts
Foreclosure can be prevented. Although the circumstances that lead to foreclosure cannot always be avoided, the action you take afterward will affect the outcome. Assistance is offered to residents of New Bedford, Massachusetts, who seek to stop foreclosure. There are different types of assistance and programs that can be used to prevent foreclosure and allow you to keep your home. Even if you are unable to afford to keep your home, you can avoid letting foreclosure destroy your credit score. Do not walk away from your house without a fight.
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Contact a housing counselor. Housing counselors are trained to evaluate your loan and finances to present affordable solutions to you. Counselors provide free services to homeowners who need help understanding the foreclosure process, their rights and the various forms of assistance available. The Massachusetts foreclosure hot line can be reached by calling 800-342-5297. You can also contact Consumer Credit Counseling Services at 800-208-2227. For a complete list of counselors in New Bedford, visit the Massachusetts HUD website to search agencies (see Resources).
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Call the Massachusetts Division of Banks for intervention. If you are facing foreclosure, the agency can work with lenders to delay the foreclosure for up to two months if you experience a hardship. Call 800-495-BANK to request assistance.
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Refinance the loan. The city of New Bedford encourages homeowners to apply for assistance through the MassHousing Home Saver Foreclosure Prevention Program. The mortgage foreclosure prevention program is designed to provide fixed low-interest financing to qualified homeowners. In addition to the loan, counseling services are also provided free of charge through the program. To apply for the program, call your lender or contact the Massachusetts Housing Finance Agency at 617-854-1020.
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File bankruptcy. Bankruptcy will have a negative effect on your credit report for up to 10 years. By filing bankruptcy, you can temporarily stop the foreclosure process. If you choose to keep your home, Chapter 13 bankruptcy can get you back on track. Bankruptcy is best left to an attorney. If you cannot afford to hire an attorney, apply for legal aid. In New Bedford, contact the attorney general's office at 508-990-9700. You can also call the Southeastern Massachusetts Legal Assistance Corp. at 508-979-7150.
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