Posted on: 08th May, 2010 08:05 am
We are negotiating with Bank of America to sell our home thru a short sale. Our real estate agent noticed that there was a $5,000 lien and a $10,000 promissory note. We are not aware of this as the owners and don't understand what it means. Someone help us please...Thanks!
Welcome blacknblue,
You have a mortgage on the property for $10,000 and also a second lien of $5000. I suppose your creditors had received a judgment against you and placed a lien on your property. After you short sale the property, you would be responsible for paying off the deficient balance. Also, you will have to satisfy the second lien.
You have a mortgage on the property for $10,000 and also a second lien of $5000. I suppose your creditors had received a judgment against you and placed a lien on your property. After you short sale the property, you would be responsible for paying off the deficient balance. Also, you will have to satisfy the second lien.
We have already received a notification of the judgement. That was for the full amount of the mortgage. (156,000)...The potential buyers have offered 56,000 and the agent noticed a 5,000 lien and a 10,000 promissory note. What are we going to be responsible to pay?