Posted on: 12th Sep, 2009 11:37 am
we had to short sale our second home in california. our second loan took a very small amount to release the lien from the house. the title company who made a mistake recording a refinance 3 years ago had to pay some more money to the second lender to release the lien in the house. now i get a letter saying that we own the rest to the debt to the second lender. are they allowed to collect the rest of the debt even thought they agreed to the short sale? and if so, does california law allow them to get a judgment against us?
this could be tough. But you might try to forex trade and make 20% to put down...then you are good.
monica1
welcome to mortgage forum
you said that you have paid some amount to second mortgage company for settlement.
have you received some letter/ written proposal from their side?
welcome to mortgage forum
you said that you have paid some amount to second mortgage company for settlement.
have you received some letter/ written proposal from their side?
If they have allowed and agreed for a shortsell then they will get the hold till the point you pay the difference between the shortsell amount and amount you owe.
If you fail to pay that amount you are entitled for the judgement against you.
If you fail to pay that amount you are entitled for the judgement against you.
If the terms were not negotiated when you did the short sale, then the second lender can ask you to pay the amount you owe
does any communication received from second lender?