Posted on: 01st Apr, 2010 12:44 pm
i have two loans with one company and am forced to either short sale or give them a deed in lieu of foreclosure. only one of the loans is in foreclosure, the larger of the two; the other is seriously delinquent. will both loans be wiped out by these actions or will the smaller remain?
Hi trevahoover,
Both the loans won't get wiped out whether you go for a short sale or a deed in lieu of foreclosure. The second loan will be still there and you would be liable to pay it off to the lender. However, as your property would be sold off, the loan would be considered as an unsecured one.
Thanks
Both the loans won't get wiped out whether you go for a short sale or a deed in lieu of foreclosure. The second loan will be still there and you would be liable to pay it off to the lender. However, as your property would be sold off, the loan would be considered as an unsecured one.
Thanks