Legal Question in Banking Law in Massachusetts

forclosure

hi, i own 3 properties. if 1 is forclosed on and the other 2 are not in default, paid up to date and with different mort. companies. Can they take the other 2 properties? or will a lein be put on the properties of the amount they don't recover. if & when other properties is when they would recover money?


Asked on 3/14/07, 10:39 pm

1 Answer from Attorneys

Re: forclosure

Assuming they seek a deficiency as a result of the foreclosure, they will have to seek a court order for attachment for the deficient amount. Once the court order attaches on those properties they can seek to foreclose their judgment lien.

However, they will be subordinate to all prior liens.

If one of the two remaining properties is your home and you have a homestead exemption and less than $500,000 in equity, they can't really force a foreclose on that lien.

I would suggest you contact an attorney as to your alternatives.

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Answered on 3/15/07, 4:38 pm


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