Posted on: 09th Feb, 2011 04:41 pm
I own a rental property in Florida which is now worth 1/3 of the amount that the mortgage is for. I do have one primary mortgage and a secondary. What happens to the secondary mortgage when requesting died in lieu of foreclosure. I am afraid of facing a deficiency judgement if I allow the property to go into foreclosure. I want to protect my primary home and other assets. I would consider a short sale but I am concerned that the property wont sell since many similiar properties are listed.
hi gwencondon,
the second lender will have to agree to the option of deed in lieu of foreclosure. apart from this, you will be liable for paying off the dues of the second mortgage lender in full.
the second lender will have to agree to the option of deed in lieu of foreclosure. apart from this, you will be liable for paying off the dues of the second mortgage lender in full.