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 Chickab007
Joined: 13 Aug 2009
Posts: 3
1.56 Dollars($)
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 Posted: Thu Aug 13, 2009 3:18 pm Post subject: Effects of short sale on 2nd mortgage |
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So we just got approved for the short sale of our home. In it there is mention of a promissory and they reserve the right to seek money for that loan. I was told and have read that a lot of time they don't even go after the money. But when do we know that it is all over? How long could this hang over our heads? and is it hurting our credit as still an outstanding unpaid bill? I am starting to think we should have just let them foreclose on us.
I read that there was a moretoreum of a year put on it that they only have 1 year to collect, but what in the case of the people who signed the promissory notes.
Anyone have any good info on this? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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| Posted: Thu Aug 13, 2009 7:41 pm Post subject: |
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This is for sure affecting yoru credit report
Probably they might have sent this to a colection agency |
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smithsussane
Joined: 18 Sep 2008
Posts: 4546
Location: Alaska
445.32 Dollars($)
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| Posted: Thu Aug 13, 2009 8:29 pm Post subject: |
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Hi Chickab!
Welcome to forums!
As far as I can understand your situation, your first lender will short sale the property. In such a case, you would remain liable for the second mortgage dues. It would be your second mortgage lender's discretion whether or not he would forgive your dues. If he forgives your mortgage dues, he would inform you about that. If not, then he would simply ask you pay off the dues once your property is sold off. If you cannot pay, then he would charge off the loan to a collection agency.
Feel free to ask if you've further queries.
Sussane |
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Chickab007
Joined: 13 Aug 2009
Posts: 3
1.56 Dollars($)
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| Posted: Fri Aug 14, 2009 3:29 pm Post subject: |
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anyone know how to resolve all this quickly? I don't want this hanging out there killing our credit forever. It seems there is an attitude of just wait and see, but I would prefer to get it over with so we can move on. How will we know if they are going to seek reimbursement for the loan?
Is there a way to be proactive on this? |
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sunnyca2009
Joined: 04 Aug 2009
Posts: 1735
35.94 Dollars($)
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| Posted: Fri Aug 14, 2009 7:26 pm Post subject: |
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| Best option is to call both the lender and check the situation first |
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