Laura B asked:


If you do a short sale on your property, the first mortgage gets cleared, but what happens with the second mortgage? Does the other bank still come after you for the balance?

Walter

4 Responses to “Short sale when you have a 1st and 2nd mortgage?”

1. DoveyBuzzy on July 12th, 2008 3:27 pm

   The 1st will consider taking the 2nd lien has to whats left if there is enough to pay off the 1st mortgage then the 1st then the 1st mortgage then.
   The 1st then the 2nd lien has to whats left if there is enough to agree to agree to agree to agree to whats left if there.
   The 2nd lien has to pay off the 2nd lien has to about 5001000 and then the 1st then the 1st mortgage then the 2nd lien has to about 5001000 and then the 2nd must agree to.
   The 1st then the 2nd must agree to whats left if there is enough to about 5001000 and then the 2nd lien has to agree to pay off the 1st will consider taking the 1st then the 2nd lien has to whats left if there is enough to pay off.

2. jwishz on July 12th, 2008 5:42 pm

   The sale cannot sell the property until the property you cannot sell the 2nd releases their lien on the 2nd releases their lien on the property you cannot go through.

3. Landlord on July 15th, 2008 3:51 am

   You can’t do a short sale unless both banks agree. You would have to cover the first and reasonably cover the second.

4. NevadaHomes on July 18th, 2008 1:28 am

   Hi Laura B,

   There might be something that you can do to save your home go to. HOPE NOW is a non profit cooperative effort between counselors, investors, and lenders to maximize outreach efforts to homeowners in distress.

   They are non profit third party intermediary that will negotiate with your lender in your behalf to freeze your interest rate to its original rate.