Legal Question in Credit and Debt Law in Massachusetts

In general, a creditor can foreclose upon a timeshare in much the same manner as they can upon any other piece of real estate . The alternatives to foreclosure are many, not the least of which are a short sale, a deed in lieu of foreclosure & a resale. Deficiency judgments are allowed in Massachusetts. When judicial foreclosure is used, the bank may seek more money than was generated by the sale of the property. They can seek this money from the former homeowner and only for the difference between what is owed and what the home sold for at auction. It is hard to get a deficiency judgment and further, it opens the door to a right of redemption period for the former home owner, so it is generally no sought after in this state. Further a deficiency judgment may be discharged in bankruptcy.;)

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