MA foreclosures. If I walk away today, besides losing my good credit, can the lender pursue def. judgment or judicial foreclosure? What can I expect?

Background: I am 3 months in arrears, I lost my contract job, only income is family support. I am not behind on any other bills (property tax, condo fee, credit cards, loans). Condo is on the market. I have kept in touch with lender letting them know status each month. I do not anticipate being able to get current on my mortgage.

Asked on July 3, 2009 under Real Estate Law, Massachusetts


M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 11 years ago | Contributor

This can be a very complex issue, there are legal and tax ramifications to be considered.  You will have to decide which of the following:  foreclosure, short sale, or deed in lieu of foreclosure is right for you; or maybe none of them.  Quite possibly if you can get back to work you can work out a mortgage modification with your lender. 

I've provided you with a link to an article that can more fully explain.  After reading it, I think you'll agree that you should consult with an attorney in your area on all of this.  Even if finances are tight you should till be able to arrange for payment of an hour or so of their time.  It will be money well spent.  You can also contact legal aid, or if there is a law school nearby, their free legal clinic.

Here's the link:

Best of luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.