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Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
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Hi Washington state
As far as I know, a short sale will not cover both the first and the second mortgage. The first will try to satisfy his dues first. If there is a deficient amount from the sale, then you need to pay it to the first lender.
Then comes the second lender. He will then try to recover his dues. If you cannot pay him the dues, he will then charge off the loan to a collection agency who will in turn collect the dues from you.
Thanks.
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Good is the Enemy of Great. |
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linda
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Post subject: foreclosure |
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| My husband's employer is requiring him to relocate too far to commute. We are upside down on our house about 175,000. If we can't do a short sale, and we have to foreclose, do we have to pay the difference of our 376,000 loan to the value of our home now? What about a bankruptcy, will that eliminate that issue? We live in California. It is looking like we might have to go the foreclosure route at this point in time. What happens? The bank isn't really willing to work with us. Thanks for any info that you can provide. This is so stressful, we didn't get in over our heads when we bought, but now that we have to relocate, we find ourselves in a real big mess. |
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peter2
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| It is my understanding that if the 2nd loan is also a purchase money - nonrecourse (in california), then the 2nd lender cannot come after you for the deficiency. |
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