Posted on: 15th Sep, 2009 01:25 pm
hi,
we purchase a second home 3 yrs ago and were able to make payments until now. my husband had two jobs and lost one recently so our income is less. we are current on our payment but don't know till when. i have to morgages and 80/20. our property it's on a vacation area and it rents occasionally on the weekends. if i qualify for a dlf or a short sale, what would happend to the second mortgage? i'm still responsable ever if i do a dlf or shor sale. please help!!
we purchase a second home 3 yrs ago and were able to make payments until now. my husband had two jobs and lost one recently so our income is less. we are current on our payment but don't know till when. i have to morgages and 80/20. our property it's on a vacation area and it rents occasionally on the weekends. if i qualify for a dlf or a short sale, what would happend to the second mortgage? i'm still responsable ever if i do a dlf or shor sale. please help!!
Hi Juanita!
Welcome to forums!
Though you qualify for a deed in lieu of foreclosure or a short sale, you would still be responsible for paying off the second mortgage. You will have to either pay it off or the second lender may simply charge off the loan to collections. The collection agency will in turn collect the dues from you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Though you qualify for a deed in lieu of foreclosure or a short sale, you would still be responsible for paying off the second mortgage. You will have to either pay it off or the second lender may simply charge off the loan to collections. The collection agency will in turn collect the dues from you.
Feel free to ask if you've further queries.
Sussane
Best option is to go for loan modification