Posted on: 16th Apr, 2010 10:41 pm
I have an income property that is upside down, I have been making payments on my first but not on my second. The lender of the second would like to offer me a DIL, but I'm not sure if this is the way to go vs. a shortsale.
hi refirichard,
it is good that your second lender has offered a deed in lieu of foreclosure. however, you should note that as you've a first loan on the property, the property sale proceeds will go towards the clearance of the first loan. however, you won't be liable for the deficient balance resulting from the sale. but you would be liable for paying off the second mortgage dues.
take care.
it is good that your second lender has offered a deed in lieu of foreclosure. however, you should note that as you've a first loan on the property, the property sale proceeds will go towards the clearance of the first loan. however, you won't be liable for the deficient balance resulting from the sale. but you would be liable for paying off the second mortgage dues.
take care.