Posted on: 01st Jun, 2010 09:06 am
Have a first and a second. Been given a foreclosure notice. I live in arizona. If i lose the property in foreclosure can the 2nd try and get the deficiency balance? If I do a short sale, the second can request the whole amount? I'm upside down and the 2 payments are too much. If i let it go or do a BK I want a clean start. Recomendations?
Hi miked,
If your property is short sold or foreclosed by the first lender, then your second lender will have the rights to sue you for their loan amount. If you cannot pay the dues, then the lender can even come after your other properties and place a lien on them.
Thanks
If your property is short sold or foreclosed by the first lender, then your second lender will have the rights to sue you for their loan amount. If you cannot pay the dues, then the lender can even come after your other properties and place a lien on them.
Thanks