Posted on: 04th Mar, 2010 09:05 am
I have two loans with the same bank... will a dil work??? am i liable for the 2nd loan??? or deficency debt??? on a short sale... how do i settle with the 2nd loan if i got no money to pay for the deficent debt???
hi tyster,
you will be able to apply for a deed in lieu of foreclosure in order to get rid of your property and the mortgage payments. the lender will forgive the first mortgage deficient balance resulting from the sale of the property. however, you would be responsible for the balance amount on your second mortgage dues. the lender will not be ready to forgive it.
thanks
you will be able to apply for a deed in lieu of foreclosure in order to get rid of your property and the mortgage payments. the lender will forgive the first mortgage deficient balance resulting from the sale of the property. however, you would be responsible for the balance amount on your second mortgage dues. the lender will not be ready to forgive it.
thanks