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Short sale or foreclosure

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miked Joined: 01 Jun 2010 Posts: 1 1.00 Dollars($)	Posted: Tue Jun 01, 2010 9:06 am    Post subject: Short sale or foreclosure Like 0 Dislike 0 Have a first and a second. Been given a foreclosure notice. I live in arizona. If i lose the property in foreclosure can the 2nd try and get the deficiency balance? If I do a short sale, the second can request the whole amount? I'm upside down and the 2 payments are too much. If i let it go or do a BK I want a clean start. Recomendations?
jameshogg Joined: 20 Dec 2005 Posts: 10467 Location: Nevada 988.72 Dollars($)	Posted: Tue Jun 01, 2010 10:08 pm    Post subject: Like 0 Dislike 0 Hi miked, If your property is short sold or foreclosed by the first lender, then your second lender will have the rights to sue you for their loan amount. If you cannot pay the dues, then the lender can even come after your other properties and place a lien on them. Thanks

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