Posted on: 09th Jun, 2009 08:01 am
I have been having a difficult time paying my mortgage payment, for one thing I have been late on monthly payments since last june, So my credit is wacked anyway. We have this opportunity to move and we of course owe more than what the house is worth, We are in a pickle and are thinking about short sale or even the nasty forclose. But we are worried that the mortgage company can come back and put a lien on the the property we will have a land contract on. Can they do this??
Hi amyway,
If the deficient amount resulting from the foreclosure or the short sale is forgiven by the lender, then you won't have to worry about the lien. In case, the lender does not forgive the deficient amount, you'll have to pay if off. If you don't, then the lender may place lien on the property.
You may apply for a deed in lieu. A deed in lieu will help you in selling off the property and you would not be responsible for the deficient amount.
If the deficient amount resulting from the foreclosure or the short sale is forgiven by the lender, then you won't have to worry about the lien. In case, the lender does not forgive the deficient amount, you'll have to pay if off. If you don't, then the lender may place lien on the property.
You may apply for a deed in lieu. A deed in lieu will help you in selling off the property and you would not be responsible for the deficient amount.