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?

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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

Answers:

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

Answered 12 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: http://articles.directorym.com/Short_Sales_and_Deeds_in_Lieu_of_Foreclosure_-a935306.html

Best of luck.


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