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80/20 in short sale

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minipin

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Post Posted: Thu Jan 06, 2011 7:45 pm    Post subject: 80/20 in short sale
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I live in NC i am in a short sale. I ahave not sold the house yet,but we r close. My second morgage holder has already sent me to collections for the monies i owe which i am 3 mths behind on. If both have liens on my property will they get paid? is there any way i an resolve it?
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adonis




Joined: 22 Oct 2005



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Location: ALASKA
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Post Posted: Thu Jan 06, 2011 10:36 pm    Post subject:
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Welcome minipin,

Your first lender will recover as much dues as possible from the short sale of the property. As far as the deficient balance of the first lender is concerned, you'll be liable for paying it off. The second loan has been charged off and you will have to negotiate with the collection agency and pay off the dues.

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mixmoodins

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Post Posted: Fri Jan 07, 2011 11:48 am    Post subject: The Affiliate Network of Choice!
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