Posted on: 28th Jul, 2009 04:41 pm
I'm waiting for Chase to approve my short sale, I have the 1st and 2nd loan through Chase. The second loan already got back to my lawer indicating that they are not willing to accept the $3000 from the 1st mortgage that they want $14000 from me, or they will come after me later. I don't have this money and I'm afraid that because of this Chase will reject the short sale. I feel that they have more to loose if they reject the short sale and foreclouse. My lawer is trying to get in touch with someone from the 1st loan. I'm worry that the first loan can stop the short sale. Is it possible that 1st loan can convince the 2nd loan to accept the short sale? both loans are from Chase :(
Hi mdlr,
As both the loans are with the same lender, it would depend upon the lender what he would do with both the loans. You should note that though your lender accepts the short sale on the first loan, you would still be responsible for the second loan. You will either have to pay off the second loan or the lender can charge off the loan to a collection agency. The collection agency will in turn collect the dues from you.
Thanks
As both the loans are with the same lender, it would depend upon the lender what he would do with both the loans. You should note that though your lender accepts the short sale on the first loan, you would still be responsible for the second loan. You will either have to pay off the second loan or the lender can charge off the loan to a collection agency. The collection agency will in turn collect the dues from you.
Thanks