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2nd mortgage

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Boggie Guest	Posted: Mon Jun 07, 2010 6:24 am    Post subject: 2nd mortgage Like 0 Dislike 0 I'm trying to short-sale my house. The 2nd mortgage is playing hardball and not wanting to settle a 20k loan for less than 5k. This is making the sale impossible because I have a buyer, but there's a lien from the 2nd mortgage company... I thought I read somewhere that 2nd mortgages were getting 1k typically for loans under a certain amount (I'm probably wrong, just thought I saw or heard that).... Can I sale and allow the 2nd mortgage to be on my credit report w/o affecting the sale of the property or does this debt have to be paid in order to sale the property? What are my other recourses? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Mon Jun 07, 2010 9:45 pm    Post subject: Like 0 Dislike 0 Hi Boggie! Welcome to forums! You can sell off the property with the second mortgage lien on it. But once you sell off the property, the second mortgage lender will claim the dues in full from you. If you are unable to pay the dues, he may file a lawsuit against you and place a lien on your other properties. Feel free to ask if you've further queries. Sussane

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