seconed mortgage and first mortgage

velennox · Joined: 05 Feb 2008 Posts: 1 1.28 Dollars($)

What if you have a first and seconed mortgage with a different bank.
Does the deed in lieu work for both?

ckalvesmaki · Posted: Wed Feb 06, 2008 5:18 am Post subject:

You need permission from both

Jessica · Posted: Thu Feb 07, 2008 5:39 am Post subject: RE: deed in lieu on both

Yes, it can work for both. But are you having payment problems? why don't you discuss with your lender about some alternative repayment plan or a loan modification. At least if you try this with one lender, the one with whom you're paying more, I think things will ease out a bit for you.

Can you tell me how much balance you owe. May be you can refinance both the loans into one single payment. Have you thought of it? Let me know if you have further queries.

Regards,

Jessica

evolovik26 · Posted: Thu Feb 07, 2008 6:50 am Post subject:

Both lenders then have to agree to release the liens

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