Massachusetts  |  Credit and Debt Law

Yes, it is possible, but the creditor must take a number of specific steps in order to make that happen. Depending upon how long ago you defaulted on your obligation, the creditor's claims may be barred. You may want to have an attorney review your case before throwing in the towel. An attorney may also be able to assist you in settling the case for less than the full amount you owe. Please do not hesitate to contact me. 617-357-4898.

If you owned this home and filed a declaration of homestead on it before this debt was incurred, the homestead will protect you from a forced sale. However, the creditor could still record a judgment lien which would have to be paid when/if your home is sold.

Before any of that could happen, however, the creditor would need to secure a judgment. If nothing else, this gives you an opportunity to negotiate for some sort of a resolution. Creditors are almost always open to settlement.