Posted on: 22nd Oct, 2008 08:51 pm
I THOUGHT THE 2ND IS FORGIVEN UNDER THE MORTGAGE DEBT FORGIVENESS ACT.
Hi plasmaears!
The 2nd mortgage is not forgiven under the Mortgage Debt Forgiveness Act. The deficient amount resulting from a deed in lieu foreclosure can be forgiven. You will have to pay the 2nd mortgage and if you can't pay, the lender may place liens on your other properties.
Thanks.
The 2nd mortgage is not forgiven under the Mortgage Debt Forgiveness Act. The deficient amount resulting from a deed in lieu foreclosure can be forgiven. You will have to pay the 2nd mortgage and if you can't pay, the lender may place liens on your other properties.
Thanks.
IT IS $106K. WHERE AM I GONNA GET THE MONEY, I HAVE ANOTHER PROEPRTY BUT IT IS ALSO UNDER FAIR MARKET VALUE...
Hi plasmaears!
Has the lender already foreclosed your property? If not, then you can try for loan repayment plan or forbearance. You should remember in certain cases, the payments may rise in case of repayment plans.
And in case if you want to get rid of the property, you can sell it off. However, if the property prices in your area have fallen in the recent times, then you will have to consult the lender and go in for a short sale.
Thanks.
Has the lender already foreclosed your property? If not, then you can try for loan repayment plan or forbearance. You should remember in certain cases, the payments may rise in case of repayment plans.
And in case if you want to get rid of the property, you can sell it off. However, if the property prices in your area have fallen in the recent times, then you will have to consult the lender and go in for a short sale.
Thanks.