Legal Question in Real Estate Law in Massachusetts

Re: need answer in mortgage law

It is my suggestion that you either 1. hire a real estate broker to sell the property under a short sale. This means that you would be able to walk away and the bank may forgive the debt after the sale, or 2; talk to the bank and sign the house over to them; or 3 file for bankruptcy. You should talk to an attorney in more detail about this. Talk with a real estate broker who specializes in short sales to insure a timely sale if that is the way you want to to go. you may also qualify for a reversed mortgage.

Re: need answer in mortgage law

The short answer is they can come after you for a deficencey. that is if they do not recover the amount of the mortgage and costs.

Assuming you do not want to file bankruptcy and the home has no equity in it, your best option is to offer a deed in lieu of foreclosure to the bank. It would be conditioned upon them not seeking any deficiency from you.

However, I would suggest you contact one of the agencies, such as Boston Legal services to help you. Or call the Attorney General's office for a referral.

If you do have equity in your home, you might want to see if you can get a reverse mortgage as part of a refinancing. You do not pay the mortgage as long as you both live there. It all depends on the equity in the home.