Recourse Loans vs. Deficiency judgements - Loan Modification Forum

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...

The Professor · 12-03-2008, 07:30 PM

I'm just as confused as you. The author of this foreclosure information was far from clear. The appropriate MA statutes appear at
M.G.L. - Chapter 244 - Table of Contents

After reading them I remain confused. This is one of those instances where the advice I always give (contact an attorney skilled in real estate law and debt collection practice) makes clear sense. Since this is a matter of state law, be sure the attorney is skilled in MA law.

Daniel

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...

12-03-2008, 07:30 PM	#2 (permalink)
The Professor Senior Member Join Date: Jul 2008 Location: 49er Gold Country Posts: 1,543 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Recourse Loans vs. Deficiency judgements I'm just as confused as you. The author of this foreclosure information was far from clear. The appropriate MA statutes appear at M.G.L. - Chapter 244 - Table of Contents After reading them I remain confused. This is one of those instances where the advice I always give (contact an attorney skilled in real estate law and debt collection practice) makes clear sense. Since this is a matter of state law, be sure the attorney is skilled in MA law. Daniel

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