Legal Question in Real Estate Law in Massachusetts

Foreclosure Law For Massachusetts

I own my mothers house which is in the process of being forclosed. Do you have any suggestions of what I might try to save this. There is a 400,000.oo dollar loan and the hous is worth about 300-325000.00. I want to get a short loan but my boyfriend doent make enough. Its very close but not enough. Now I undestand that I cant help with the income on the application because I am involved with this house. I make 1200.00 per week. Do you have any suggestions. My mother is in the hospital dying of lung cancer and Im trying to save this house. My father also died 1 year ago. Do you know of any help I can get in MA. I know there are alot of people in this situation. But I have to keep trying. Ithought I saw a ruling on the news that mortgage companys and lenders were told they had to work more to help allow people to save their homes. Thanks for any advice.


Asked on 4/16/08, 8:42 pm

1 Answer from Attorneys

Re: Foreclosure Law For Massachusetts

What you do not say is if you live in the home or if your mother retains a life estate in the home.

Assuming you live in the home, you can file a chapter 13 bankruptcy which will stop the foreclosure and may allow you to work out a way to restructure the debt. I am not a bankruptcy attorney, but I would suggest you contact one and see if they can help you.

I do have one other question, if the home is only worth $300-325K and you owe $400k, what is the advantage in keeping the home. I know its your parents home, but other than sentiment, what is the reason for trying to keep the home.

Given your income you could get rent a home.

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Answered on 4/16/08, 9:18 pm


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