Legal Question in Real Estate Law in Massachusetts
Someone owing money and his property being foreclosed
Someone owes me money, I have the promissory notes and emails from him claiming he will pay me back. His property is being foreclosed..If I get a lawyer to place a lien on it, will I recover my money in the auction?
2 Answers from Attorneys
Re: Someone owing money and his property being foreclosed
Depending on the circumstances, if there were excess monies after the first mortgage was paid off and the expenses of the auction were paid, the other junior lienholders would be paid. However, it is also likely that a bankruptcy could be possible.
Re: Someone owing money and his property being foreclosed
You will nl recover money if the auction amount exceeds the prior liens and the costs associated with the foreclosure. It happens but it is rare.
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