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begay77 · Joined: 23 Sep 2009 Posts: 2 1.59 Dollars($)

Hi, do to an illness, I'm unable to continue payments, and may have to short sell. My question is: if my home sells through a short sell, or a forclosure, and nets far less than what is owed on my 1st, and 2nd, can my other assets, ie vacant land be leined on?. Thank-you very much, Elaine

jenkin7 · Posted: Thu Sep 24, 2009 12:23 am Post subject:

Hi begay,

If your property is sold through a short sale and there is deficiency from the sale, you will owe that amount to your lender. Your lender can sue you for the deficiency and get judgment against you. They can put lien on your other properties like your vacant land. However, if your first mortgage is a purchase mortgage, the first lender may not be able to sue you for deficiency. You need to check with a foreclosure attorney to find out whether there are anti-deficiency laws in your state, which can protect you from the judgment.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Once the short sale is doen and if you still owe money to the lender then you are liable to pay the money to the lender

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