A short sale can be like a good mystery novel. You never know what might happen when you turn the page. Can be some good deals out there....but not for the faint of heart. I see this question was posted over a year ago. Hopefully you have already closed on this sale.... more
Perhaps the question you may want to really consider: what right(s) does the second mortgage lender have to go after you if the second mortgage lender does not get paid off when your home is sold?
In general terms, which may or may not apply to you, the second mortgage lender will go after your personal and/or other real estate assets in a process known as a deficiency judgment. This would include seizure of your personal assets, other real estate, and/or garnishment of your income.
Have you talked to your current lender about doing a "short-sale"?
We regularly help clients with loan modifications. Loan modifications are designed to help people in two areas: (1) Those who want to KEEP their homes; and, (2) Those who want to SELL their homes. Since you are in the latter category, I would encourage to you seek modification relief so that you can sell your home for less than what you owe your lender.
If you need additional help with modification relief, please contact us at (808) 331-0585.
74-5620 Palani Court; Suite 208
Kailua Kona, HI 96740
Phone: (808) 331-0585
Fax: (808) 331-0583
Email: Andrew@LauhalaMortgage.com... more