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sgibbons · Joined: 06 Apr 2009 Posts: 11 2.90 Dollars($)

if a DIL of Foreclosure was done and the 2nd lien holder is the same as the first but that mortgage amount of the 2nd is not reflected on the Deed does it matter? We have prepared a Discharge to have the lender sign for the first... should there be one for the 2nd as well?
This is in the State of MA.
Thanks!

jenkin7 · Posted: Tue Apr 07, 2009 12:35 am Post subject:

Hi sgibbons,

After the deed in lieu is finalized between you and the lender, the property would be sold to recover the first mortgage. If the property is sold for less than what is owed on it, the lender can forgive the deficient amount on the first mortgage. However, you will be required to pay the second mortgage as it is most likely that the lender will not forgive this money. If you fail to pay, they can obtain a judgment against you or can also charge off the debt to a collection agency.

sgibbons · Joined: 06 Apr 2009 Posts: 11 2.90 Dollars($)

ok, I am working on clearing a title for an REO property that we are representing the sellers in and the 1st and 2nd are both with the same company so doesn't that merge? They would not have given the DIL of FC knowing that there was a 2nd... right? Please advise... if diffrent...
Thank you for your response! This is my first time using this web-site and I do have to say... very informational!

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DIL of Foreclosure w/ a 2nd