Legal Question in Real Estate Law in Massachusetts

Liens

If there is a lien placed on a residence for an amount higher than the amount that the owner will be netting after the sale of the property will the owner still be able to close on that property? If so, how does that work and if not, what are the options for the homeowner? Thank you,


Asked on 4/08/04, 2:34 pm

1 Answer from Attorneys

Re: Liens

The simple answer is only with the agreement of the Lienholder. You do however have several options to allow for that circumstance.

If your debt exceeds your equity and the sale is for market value, then your lienholder should agree as it would do no better than it has been offered. The alternative is to offer the lienholder the property. You also have some other alternatives but without more information I hesitate to discuss them.

I would suggest you contact an attorney before signing any agreement to sell the property.

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Answered on 4/08/04, 2:46 pm


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