Posted on: 06th Jul, 2008 02:16 pm
I have a rental property with a first mortgage and second (line of credit) against my primary reside. In any event, DIL, short sale, am I stuck with the second or is this forgiven?
Hi Rocstud,
You don't definitely say but it sounds like you've entered the foreclosure process, true?
The 2nd mortgage is of course in second position. In the case of a short sale, for example, the sale is subject to lender approval meaning that when the offer is made it is submitted to the lender & asked if the will accept the amount of the payoff that has been offered. They also approve the other costs such as real estate commissions. Once they are satisfied the negotiation with the 2nd lender can begin based on whatever they may or may not have left to work with.
As far as whether it will be forgiven or not is on a case by case decision.
You don't definitely say but it sounds like you've entered the foreclosure process, true?
The 2nd mortgage is of course in second position. In the case of a short sale, for example, the sale is subject to lender approval meaning that when the offer is made it is submitted to the lender & asked if the will accept the amount of the payoff that has been offered. They also approve the other costs such as real estate commissions. Once they are satisfied the negotiation with the 2nd lender can begin based on whatever they may or may not have left to work with.
As far as whether it will be forgiven or not is on a case by case decision.
Good day everyone.
Like every owner, the value of my property plunged big time. I owe the 1st 200200.00 and 102000.00 for 2nd.The value of my house is less than $220000.00.Since there is no value, is there a program out there that eliminate of have the 2nd mortgage forgiven?Thank you
Like every owner, the value of my property plunged big time. I owe the 1st 200200.00 and 102000.00 for 2nd.The value of my house is less than $220000.00.Since there is no value, is there a program out there that eliminate of have the 2nd mortgage forgiven?Thank you
hi tony,
the second mortgage lender will not simply forgive the whole of the second mortgage dues. however, you can negotiate with the second lender and check out if he can forgive a portion of it so that it would become affordable for you to pay off the dues.
thanks
the second mortgage lender will not simply forgive the whole of the second mortgage dues. however, you can negotiate with the second lender and check out if he can forgive a portion of it so that it would become affordable for you to pay off the dues.
thanks