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gonzalezfc · Joined: 11 Sep 2008 Posts: 1 1.60 Dollars($)

Hi. I have a question. House in Florida is set to close as a short sale but the 2nd lien holder won't accept as pay-off and reserves the right to collect balance. Is a payment agreement signed with seller to make payments to 2nd lien holder? What happens if signed but never paid?
Thanks!

brian1 · Posted: Thu Sep 11, 2008 9:43 pm Post subject:

I would ask an attorney?

jameshogg

Hi gonzalezfc,

Welcome to forums.

I think you have a first mortgage on your home. After the short sale is complete, the first mortgage lender may ask for the payment of deficiency as Florida is a deficiency judgment state.

vegas_storms · Joined: 12 Sep 2008 Posts: 67 3.54 Dollars($)

If you're buying the house don't worry it's the seller's problem. Title will have to be cleared before a mortgage company would lend you the money.

Always contact a real-estate attorney.

lisascherzer · Joined: 04 Jan 2008 Posts: 755 1.12 Dollars($)

I don't think a title company will transfer title without the second mortgage being satisfied. Actually, I know they wont. If it does come down to closing, I would make sure you get an owners policy on the title insurance to protect against future liens.

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