Massachusetts is a deficiency state. What that means is a lender can proceed with a deficiency judgement after a foreclosure to collect the debt that is due to them (see http://www.malegislature.gov/Laws/GeneralLaws/PartIII/TitleIII/Chapter244/Section17A). They have 2 years in which to file a judgement and 20 years to collect on it.
To collect, a lender can (NOT WILL) proceed with wage garnishments (up to 25% of your income), seize assets (such as bank accounts) and lien other property owned.
Is this a harsh post? Is this a harsh way to start a post? You may say “Yes” to one or both of those questions. But is this a reality? The answer is “Yes”.
Please read this and think about it BEFORE allowing a bank to foreclose.
Bobbie Files, C.D.P.E.
Certified Distressed Property Expert
Your Bristol and Plymouth County Realtor
508-238-5000 x.296 Office
508-521-9480 Direct / SMS
888-570-9907 Toll Free Direct Fax
bobbiefiles@kw.com Email
Visit my website at www.BerkleyMass.com
Visit my YouTube Channel at http://www.youtube.com/user/bobbiefiles
Join My Facebook Communityhttp://www.facebook.com/bobbiefiles.realtor
Search for Berkley Ma Homes at: http://BerkleyHomes.BerkleyMass.com
Search for Taunton Ma Homes at:http://TauntonHomes.BerkleyMass.com
For those struggling to pay your mortgage payments please visit:http://shortsales.berkleymass.com
Advertisement
