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if i do a deed in lieu what happens to the second on the house???

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sgabaldon Joined: 03 Feb 2011 Posts: 1 1.24 Dollars($)	Posted: Thu Feb 03, 2011 11:53 am    Post subject: if i do a deed in lieu what happens to the second on the hou Like 0 Dislike 0 i am upside down on my house if i do a deed in lieu what happens to the second on it??? does it go away as well??
jameshogg Joined: 20 Dec 2005 Posts: 10477 Location: Nevada 990.06 Dollars($)	Posted: Thu Feb 03, 2011 7:54 pm    Post subject: Like 0 Dislike 0 Hi sgabaldon, The second mortgage will not go away. Rather the second mortgage lender will have the rights to collect the dues from you. After the sale is over, you'll be liable for paying back the deficient balance amount to the lender. Thanks

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