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I have two loans with the same bank... will a dil work?

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tyster Guest	Posted: Thu Mar 04, 2010 10:05 am    Post subject: I have two loans with the same bank... will a dil work? Like 0 Dislike 0 I have two loans with the same bank... will a dil work??? am i liable for the 2nd loan??? or deficency debt??? on a short sale... how do i settle with the 2nd loan if i got no money to pay for the deficent debt??? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Mar 04, 2010 10:18 pm    Post subject: Like 0 Dislike 0 Hi tyster, You will be able to apply for a deed in lieu of foreclosure in order to get rid of your property and the mortgage payments. The lender will forgive the first mortgage deficient balance resulting from the sale of the property. However, you would be responsible for the balance amount on your second mortgage dues. The lender will not be ready to forgive it. Thanks

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