Posted on: 21st Aug, 2009 12:17 pm
Just closed on a short sale of my home. I had 2 mortgages, first one was paid in full, 2nd mortgage has a balance left. Do I ask for a deed in lieu now on the 2nd mortgage. I was never told if I will have to pay the difference.
Also, would I have signed something at the closing about not owing the difference on the 2nd mortgage?
Thanks
Also, would I have signed something at the closing about not owing the difference on the 2nd mortgage?
Thanks
the documentation you saw (and signed) at the closing should have been pretty explicit as to whether your second mortgage was taken care of or not. go back to the documents, or to the lawyer who represented you - if any - and get clarification.
there will certainly be no need for a deed in lieu of foreclosure, as the home is no longer yours to provide a deed for anyone.
yes, indeed - you should have seen some documentation (i believe) that would have shown what obligation you have, if any, toward the second mortgagee.
there will certainly be no need for a deed in lieu of foreclosure, as the home is no longer yours to provide a deed for anyone.
yes, indeed - you should have seen some documentation (i believe) that would have shown what obligation you have, if any, toward the second mortgagee.