Posted on: 01st Dec, 2010 10:43 am
Lots of information here- you all are wonderful. Question, what if the first and 2nd loan are with them same bank? Is it easier to get the 2 approved for a deed/lieu or a short sale? We have a home that we are 3 months behind on- both the first and 2nd mortgages- we have both loans with the same bank and want to know what the best options are and possiable scenarios. We cannot afford to pay of the 2nd. ( if we could we would)
Has anyone had this situation with both the first and second with one bank? How did it play out? Very Stressed and worried.
Has anyone had this situation with both the first and second with one bank? How did it play out? Very Stressed and worried.
hi strands!
welcome to forums!
it will be completely the lender's discretion whether or not he will consider your request for a deed in lieu of foreclosure or short sale. unless the lender is convinced about your hardship, he won't consider your request. if the lender agrees for either of the options, still you'll be liable for paying the second mortgage.
feel free to ask if you've further queries.
sussane
welcome to forums!
it will be completely the lender's discretion whether or not he will consider your request for a deed in lieu of foreclosure or short sale. unless the lender is convinced about your hardship, he won't consider your request. if the lender agrees for either of the options, still you'll be liable for paying the second mortgage.
feel free to ask if you've further queries.
sussane