Home arrow Mortgage Forums arrow Looking for Mortgage again arrow

Is the second mortgage forgiven after short sale or dil?

Author Message
Icon Mini Profile rocstud





Joined: 06 Jul 2008

Posts: 1

1.30 Dollars($)
Post Posted: Sun Jul 06, 2008 2:16 pm    Post subject: Is the second mortgage forgiven after short sale or dil?
Like 0
Dislike 0

I have a rental property with a first mortgage and second (line of credit) against my primary reside. In any event, DIL, short sale, am I stuck with the second or is this forgiven?
Icon Mini Profile laphillips
laphillips
Community Expert
Community Expert

best lender badge

Joined: 10 May 2008

Posts: 134
Location: Yucaipa, CA
33.92 Dollars($)
Post Posted: Sun Jul 06, 2008 2:38 pm    Post subject: Second mortgages?
Like 0
Dislike 0

Hi Rocstud,

You don't definitely say but it sounds like you've entered the foreclosure process, true?

The 2nd mortgage is of course in second position. In the case of a short sale, for example, the sale is subject to lender approval meaning that when the offer is made it is submitted to the lender & asked if the will accept the amount of the payoff that has been offered. They also approve the other costs such as real estate commissions. Once they are satisfied the negotiation with the 2nd lender can begin based on whatever they may or may not have left to work with.

As far as whether it will be forgiven or not is on a case by case decision.

_________________
Lynnette Phillips
Loan Officer/Realtor,
Foreclosure Consultant
Home Pride Mortgage
My Blog: http://activerain.com/helpingufindaway
My website: http://lynnettephillips.com

**This is not intended as legal advice. I am not an attorney.**
Tony Hadiri

Guest







Post Posted: Sat Oct 31, 2009 7:57 pm    Post subject: 2nd mortgage forgiveness
Like 0
Dislike 0

Good day everyone.
Like every owner, the value of my property plunged big time. I owe the 1st 200200.00 and 102000.00 for 2nd.The value of my house is less than $220000.00.Since there is no value, is there a program out there that eliminate of have the 2nd mortgage forgiven?Thank you
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 10148
Location: Nevada
941.94 Dollars($)
Post Posted: Sun Nov 01, 2009 10:44 pm    Post subject:
Like 0
Dislike 0

Hi Tony,

The second mortgage lender will not simply forgive the whole of the second mortgage dues. However, you can negotiate with the second lender and check out if he can forgive a portion of it so that it would become affordable for you to pay off the dues.

Thanks
Quick Reply
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message body

All times are GMT - 7 Hours
Page 1 of 1

 
Highlights
Bookmark this page
Share |

Helpful References
Mortgage Guide
Mortgage Terms
Mortgage News
Book Center
Shop and Compare lenders
30 Yr. Fixed Vs. 5/1 ARM


Calculators     [View all]
Are you eligible for loan?
How much you can afford?
Calculate monthly payment
Calculate APR


Financial Tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

MortgageFit on Twitter

Followers (265)








Community Chat

We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0
Page loaded in 21.062 seconds.