Loans, Debt & Credit - View Single Post

MATrouble · 12-03-2008, 11:46 AM

Professor Shays,
I was hoping you could help explain something to me. I live in MA, have 1 mortgage on my home, and have never re fied. I understand that I have a recourse loan, but according to the foreclosure websites, MA does not allow deficiency judgements. My question is, can Chase come after me for the difference if they foreclose? I assumed that since the loan was recourse they could, but the "no deficiency judgements allowed" thing confused me...

12-03-2008, 11:46 AM	#1 (permalink)
MATrouble Junior Member Join Date: Dec 2008 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Recourse Loans vs. Deficiency judgements Professor Shays, I was hoping you could help explain something to me. I live in MA, have 1 mortgage on my home, and have never re fied. I understand that I have a recourse loan, but according to the foreclosure websites, MA does not allow deficiency judgements. My question is, can Chase come after me for the difference if they foreclose? I assumed that since the loan was recourse they could, but the "no deficiency judgements allowed" thing confused me...