Massachusetts law provides homeowners with a generous homestead exemption if they face bankruptcy. Massachusetts homeowners have the first $500,000 worth of equity in their property protected from unsecured creditors. That means that as long as the homeowner does not have significantly more than $500,000 worth of equity in the home and can continue to pay the lender the regular mortgage payments that the homeowner is unlikely to lose his or her home during a bankruptcy proceeding.
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This article is intended to be helpful and informative. But even common legal matters can become complex and stressful. A qualified foreclosure and alternatives lawyer can address your particular legal needs, explain the law, and represent you in court. Take the first step now and contact a local foreclosure and alternatives attorney to discuss your specific legal situation.