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gonzalezfc Joined: 11 Sep 2008 Posts: 1 1.60 Dollars($)	Posted: Thu Sep 11, 2008 6:27 pm    Post subject: question Hi. I have a question. House in Florida is set to close as a short sale but the 2nd lien holder won't accept as pay-off and reserves the right to collect balance. Is a payment agreement signed with seller to make payments to 2nd lien holder? What happens if signed but never paid? Thanks!
brian1 Community Experts Joined: 14 Jun 2008 Posts: 360 Location: Northern California 0.51 Dollars($)	Posted: Thu Sep 11, 2008 9:43 pm    Post subject: I would ask an attorney? _________________ Licensed Broker 50 states http://www.aimwithfocus.com Need quick advise email or PM Glad to help
jameshogg Joined: 20 Dec 2005 Posts: 1413 Location: nevada 193.40 Dollars($)	Posted: Thu Sep 11, 2008 11:32 pm    Post subject: RE: short sale and second lien pay off Hi gonzalezfc, Welcome to forums. I think you have a first mortgage on your home. After the short sale is complete, the first mortgage lender may ask for the payment of deficiency as Florida is a deficiency judgment state. Quote: the 2nd lien holder won't accept as pay-off and reserves the right to collect balance Do you mean to say that the second lender does not want to be paid off through short sale and he is insisting you to repay by way of a payment plan? Thanks
vegas_storms Joined: 12 Sep 2008 Posts: 50 1.24 Dollars($)	Posted: Fri Sep 12, 2008 5:52 pm    Post subject: 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. _________________ http://www.mortgagebreakdown.com Information given is an opinion, for true legal advice please consult an attorney.
lisascherzer Joined: 04 Jan 2008 Posts: 755 1.03 Dollars($)	Posted: Tue Sep 16, 2008 1:26 am    Post subject: 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. _________________ Lisa Scherzer Allpointe Mortgage Expert Mortgage Broker 440-521-7060 Free Mortgage Quotes Get Mortgage Information Search Real Estate Agents Here

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