Legal Question in Real Estate Law in Massachusetts

mortgauge, taxes late?
my mortgauge is 30days late, and my property i owe for i yr, in taunton mass, i just recieved a purple notice of demand, states a ad will be run in the local papers, and i will be billed about 150.00 for the process, the taxes are about 3000. and the lown is also about the same 2700. i kmow i am going into foreclosuer, i just can't affort it, and i have been trying to sell for a year, i am ready to walk away, as far as equity goes i have nothing to lose, i could beg, borrow, and steal, to get it don't, but i don't want to, what consiquences might i face?''? or should i pay 1, or the other??

Asked on 10/29/07, 8:34 pm

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Re: mortgauge, taxes late?

Usually Mortgage Companies do not start the foreclosure process within 30 days of being late. You should call your mortgage company and see if you can work something out to lower your payments temporarily.

Another alternative is to negotiate with your lender to take the property in liew of foreclosure. Even if they pay the property taxes, it will be cheaper than for the Mortgage company than foreclosure.

I am unclear as to why you can't pay your Mortgage if you had an arm and the rate has gone up negotitate with the lender. More lenders are now negotiating their loans rather than go to foreclosure.

Please feel free to contact me if you have more questions.

Answered on 10/29/07, 8:47 pm

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