Posted on: 06th Jan, 2011 06:45 pm
I live in NC i am in a short sale. I ahave not sold the house yet,but we r close. My second morgage holder has already sent me to collections for the monies i owe which i am 3 mths behind on. If both have liens on my property will they get paid? is there any way i an resolve it?
Welcome minipin,
Your first lender will recover as much dues as possible from the short sale of the property. As far as the deficient balance of the first lender is concerned, you'll be liable for paying it off. The second loan has been charged off and you will have to negotiate with the collection agency and pay off the dues.
Your first lender will recover as much dues as possible from the short sale of the property. As far as the deficient balance of the first lender is concerned, you'll be liable for paying it off. The second loan has been charged off and you will have to negotiate with the collection agency and pay off the dues.
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Regards,
Regards,