Home Selling in Oak Ridge : Advice

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*Susan Mulli…, Real Estate Pro in 37830
*Susan Mullins* answered:
What happens to the 2nd mortgage holder in a short sale?
Angela, Here in Oak Ridge, the real answer is : Who holds the 2nd mortgage? Is the foreclosure complete?
0 votes Share Flag Mon Sep 5, 2011 Home Selling in 37830
Patrick Thies…, Real Estate Pro in Elmhurst, IL
Patrick Thies SFR, CNC answered:
We had a house in florida which our first mortgage holder released for short sale. They are also the 2nd mortgage holder. We did not reaffirm the 2nd
It depends. Some states are either recourse or non recourse states and some loans have recourse verbage in them. In a recourse state, unless otherwise agreed to at the time of the sho ... more
0 votes Share Flag Sun Jan 31, 2010 Home Selling in 37830
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