Legal Question in Real Estate Law in Massachusetts

Re: Foreclosure

Vernacular matters. When you cast yourself as a "victim" of predatory lending you are suggesting that you were deceived. In Georgia, residential real estate closings are conducted by a licensed attorney. This is to ensure that the process of conducting the closing and the preparation and execution of the critical documents that transfer and affect legal interests in real estate are done properly. The parameters of the "deal" that you made with your lender are, within some boundaries, the bargain you make. At the closing, federal law requires that details like interest rates, adjustment periods, maximum interest rates, penalties, costs, fees, etc. are disclosed to you. That is done at the closing, before you sign, on documents shown to you (copies of which are given to you, other copies of which you sign to execute the loan transaction.) In Georgia one of my favorite Supreme Court decisions involves a contract matter in which one party seeks to avoid the consequences of a contract because they failed to read it before signing. The majority opinion includes this critical quote �Those with the ability to read, have the duty to read.� Unless you are blind, deaf or dumb, I would suggest that you drop the �victim of predatory lending� vernacular and acknowledge the facts. You made a contract with lenders agreeing to certain conditions. You have not met your obligations under the contract and that has allowed one of the lenders to utilize powers to foreclose which were part of that contract, and authorized by law.

As to the legal issues in your question the 20% loan is most likely in second position so they can foreclose, assuming that they satisfy the first interest held by Countrywide (i.e. they pay off Countrywide). If they foreclose and the sale results in a deficiency (i.e., the house sells at foreclosure auction for less than the sum of the payoff amounts, plus costs) the secured interest conducting the foreclosure may go to court in a separate action to gain a deficiency judgment. Critical to doing that is obtaining a quick confirmation of the sale in the Superior Court. Those two steps (confirmation, then a deficiency judgment) have to occur before any judgment can begin to impact assets that you have (bank accounts, cars, boats, stocks, etc.) Contact a Georgia licensed attorney � this is a very fact specific situation and a lot of information will be required by your attorney before they can give you a complete roadmap of the process.

Re: Foreclosure

To the extent there is a valid complaint filed in court, and with the court's permission, this can be done.

You should sit with an attorney to advise you of the strategies to deal with the problem.

This forum does not advise how to hide money from creditors.