Posted on: 30th Mar, 2011 02:55 pm
Hi,
I have a second loan on the house which was taken a year after the first loan. Will the second lender come for my personal assets after a short sale on the house?
How do I deal with the second lender?
Thanks,
Anu
I have a second loan on the house which was taken a year after the first loan. Will the second lender come for my personal assets after a short sale on the house?
How do I deal with the second lender?
Thanks,
Anu
Hi anuya_j!
Welcome to forums!
The second lender can come after you in order to recover his debts. Rather than coming after your personal assets, the lender will charge off the loan to a collection agency who will in turn collect the dues from you. I will suggest you to speak to your second lender and try to get a payment plan from him so that you're able to pay him off.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The second lender can come after you in order to recover his debts. Rather than coming after your personal assets, the lender will charge off the loan to a collection agency who will in turn collect the dues from you. I will suggest you to speak to your second lender and try to get a payment plan from him so that you're able to pay him off.
Feel free to ask if you've further queries.
Sussane