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gerzaingomez · Joined: 13 Jan 2009 Posts: 1 1.31 Dollars($)

What is better to do short sale or deed in lieu having 2 loans?...I have 2 loans,if I do short sale or deed in lieu I still oweing the second mortgage? please contact me at "gerzaingomez@hotmail.com"

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jerry · Posted: Wed Jan 14, 2009 3:10 am Post subject:

Hi gerzaingomez,

Yes, whether you do a short sale or a deed in lieu, you will still be liable to pay off the second mortgage. The second mortgage lender may even charge off the mortgage and in that case you will have to pay the due amount to the collection agency. As far as the first mortgage is concerned, if you go for a short sale, you will have to pay the deficient amount resulting from the short sale to the first lender but in case of deed in lieu, the deficient amount resulting from the sale of the property is forgiven by the first lender. You will only have to pay the second lender.

Thanks,

Jerry

kingno1 · Joined: 25 Apr 2008 Posts: 61 21.19 Dollars($)

Hi, You may need to contacr your 2nd and explain the situation and see if you can have them work something out in either case. In most cases, the 2ns will simply get peanuts..

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