Splet08. okt. 2007 · Short sale on first - Can 2nd mortgage lender sue us? dbraun22. Posted on: 08th Oct, 2007 10:11 am. Our 1st lender will work with us on a short sale but said that they will only pay $1000 towards a 2nd mtg balance of $46K. The 2nd lender (credit union) said they will sue us for the balance if we default. We have asked them to work with us and ... SpletSecond mortgage lenders may receive a small payment for releasing their liens against a short-sale property, but they usually aren't permitted to receive payment from the net …
Can You Short Sale Your Home If You Have More Than One Mortgage?
Splet29. nov. 2024 · If the second mortgage is hard money and the lender has lost security for that loan through a foreclosure or short sale -- making the security for the promissory note worth nothing -- the beneficiary of that second mortgage can pursue a deficiency judgment (Roseleaf Corp. v. Chierighino, 59 Cal. 2d 35 (1963). Splet20. avg. 2024 · 4. Opportunity Cost. Short sales present another risk because the lengthy short sale process could cause you to miss out on other potential purchases. With all … danby portable washing machine hose kit
What Is A Short Sale? Rocket Mortgage
Splet17. nov. 2008 · November 17, 2008 05:18 AM. Short Sale, and foreclosure negotiation on a second mortgage when the second lien will not release the lien without a promissory note from seller. The second mortgage holder is in a very "weak" position. This is why the first mortgage lender will typically dictate to the second lien holder how much they will get … Splet19. jul. 2024 · John has a first mortgage with Wells Fargo for $200,000, and a second mortgage for $50,000 with Navy Federal. The house sells for $175,000. Wells Fargo says … SpletFiguring out what a short sale 2nd mortgage implies when it comes time to start contemplating selling a home for less than what it is worth (which is what a classic "short sale" is) will be necessary for a number of reasons. Unfortunately, many people around the country are finding themselves confronting the need to get out from under a mortgage, … birds scuba diving