Posted on: 03rd Feb, 2011 10:53 am
i am upside down on my house if i do a deed in lieu what happens to the second on it??? does it go away as well??
hi sgabaldon,
the second mortgage will not go away. rather the second mortgage lender will have the rights to collect the dues from you. after the sale is over, you'll be liable for paying back the deficient balance amount to the lender.
thanks
the second mortgage will not go away. rather the second mortgage lender will have the rights to collect the dues from you. after the sale is over, you'll be liable for paying back the deficient balance amount to the lender.
thanks