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Second mortgage position wants to take a DIL what happens to the first

Posted on: 23rd Jul, 2022 01:33 pm
Hello, I have a unique situation where I am about to foreclose, I have two liens on my mortgage, and the second one wants to take a Deed in Lieu. The second is owed $400k and the first is owed $170k, with a property value of around $500k. I am curious if I should proceed with the DIL to the second and what happens with the first position?
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