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Foreclosure 2nd Home
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Srid B

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Post Posted: Sun Jun 06, 2010 12:12 am    Post subject: Foreclosure 2nd Home
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My wife and I live in Massachusetts and own 2 homes. We cannot continue to pay 2 mortgages and we want to foreclose one of the house. Is Massachusetts a no recourse state? Can they come after primary home we live? Can they garnish my wife's and my wages?
Thanks for helping, I'm having such a hard time finding answers.
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adonis




Joined: 22 Oct 2005



Posts: 10574
Location: ALASKA
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Post Posted: Sun Jun 06, 2010 10:46 pm    Post subject:
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Welcome Srid,

As far as I know, Massachusetts is a non-recourse state. The lender will be able to come after you for the deficient amount resulting from the sale as it is your primary property. As the lender will forgive the dues, your wife's wages will not be garnished.
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