Legal Question in Real Estate Law in Massachusetts

Hfc

I had a second mortage with HFC, but I lost the house to countrywide. HFC worked with me , but the want me to voluntarily enter into a judgement against me for the 30,000 that I owe on the house I no longer have. I am paying them, but they want the judgement. Should I fight it, or will the court costs kill me?


Asked on 6/09/08, 6:08 pm

2 Answers from Attorneys
Richard Ravosa Law Offices of Richard S. Ravosa

Re: Hfc

Unless you have a reason to fight it i.e. counterclaims, typically it will result in a judgment in the end.

You can get rid of the debt and or judgment thru Bankruptcy as well as any deficiency that you may have with Countrywide.

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Answered on 6/09/08, 7:51 pm

Re: Hfc

Assuming you have no defense to HFC, it would seem that entering into a judgment would not be a problem. However, you should have an attorney represent you with respect to the terms of the judgment. For instance, judgment rate of interest can be as much as 12%. You also want a payment protection meaning as long as you are making your payments.

You should have an attorney assist you if you are going to agree to any kind of judgment.

Also, you might want to consider whether bankruptcy might be a better way forward for you.

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Answered on 6/09/08, 9:14 pm


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