Posted on: 28th Aug, 2008 05:19 pm
My lender just accepted the DIL on my first mortgage. My 2nd mortgage is also with the same lender. If the 2nd mortgage is also accepted, can they come after me once everything is signed & agreed for any deficiencies? I have never refinanced this property or did any kind of equity line of credit. The loan was taken out for the sole purpose of purchasing the property at the beginning. I also had the property listed for short sale since February 2008, still no offers. I feel that I have done everything possible and was told that the DIL was the best way to go now. Please help. [/quote]
Welcome Jonathan,
I suppose you're going for a deed in lieu on both the loans. Usually lenders don't come after for any deficiency resulting from a deed in lieu. This is in accordance with mortgage laws in most states.
I suppose you're going for a deed in lieu on both the loans. Usually lenders don't come after for any deficiency resulting from a deed in lieu. This is in accordance with mortgage laws in most states.
Hi Jonathan,
I've replied a similar query at http://www.mortgagefit.com/deed-lieu-15.html#59005 . Please go through it and then if you have further queries, do let me know.
Thanks.
I've replied a similar query at http://www.mortgagefit.com/deed-lieu-15.html#59005 . Please go through it and then if you have further queries, do let me know.
Thanks.