Posted on: 14th Jun, 2010 04:07 pm
im planning to do a deed in liue for the first mortgage, but the house have a second mortgage what to do in this case?
Hi elieriv!
Welcome to forums!
Both the lenders will have to agree for the deed in lieu of foreclosure. Keeping in mind the present real estate market, there are chances that the property will be sold off at a lower price. Though the first mortgage lender will forgive the deficient balance resulting from the sale, the second lender has all the rights to collect the dues from you. If you're unable to pay off the dues, then they will charge off the loan.
To know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Both the lenders will have to agree for the deed in lieu of foreclosure. Keeping in mind the present real estate market, there are chances that the property will be sold off at a lower price. Though the first mortgage lender will forgive the deficient balance resulting from the sale, the second lender has all the rights to collect the dues from you. If you're unable to pay off the dues, then they will charge off the loan.
To know more about second mortgage charge off, check out the given page:
http://www.mortgagefit.com/know-how/secondloanchargeoff.html
Feel free to ask if you've further queries.
Sussane