Legal Question in Real Estate Law in Massachusetts
Hi real soon I am facing forclosure on the condo me and a buddy of mine went in on together. In fact we have a court date, what can we expect, do we need a lawyer? We are fine with them taking the property but we want to know what repercussions are? I have heard it is by ruining our credit and to take the property, is it more? Any advice or help is welcomed. Thanks
2 Answers from Attorneys
If there is a foreclosure, it will ruin your credit. If there is an auction and a deficiency from the sale, you will be responsible for that as well.
One alternative is to offer a deed in lieu of foreclosure and agree to a date to vacate the premises. This could salvage your credit and avoid any deficiency. However, if there is a second mortgage or other liens on the property it will not be possible to do a deed in lieu of foreclosure.
I am so sorry to hear that you are in a position to lose your home.
I agree that an agreement to accept a deed in lieu of foreclosure may be a good option for you. You may also benefit from the assistance of an attorney who can help negotiate a date for your vacancy and possibly even obtain some cash in exchange for your vacancy.
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