How can you be safe from debts after a short sale?
Here is the scenario: An elderly woman in her 70's is going through a short sale of her home in Massachusetts. There is also a second mortgage tied to the home. The sale of the home will only cover the first mortgage but only part (say 1/4) of the second. How can she be sure she won't be harassed for the second mortgage that is not fully paid?
If the second mortgage has a lien on the property, it is likely they will have to approve the short sale. They would be foolish to approve a sale that negates their claim. I would check with the first mortgage holder to find out how that will work.
I would think she absolutely will be harassed for the balance on the second mortgage, you can't just walk away from a debt. Bankruptcy might be the answer in this case. Check with the first mortgage holder, and the second before taking any action on the sale.
by Julie Grimes6 years ago
What's a short sale, and how does it differ from a foreclosure?
by beachbumrealty5 years ago
If you will be asked, will you consider a short sale?I have this friend who is distressed because of his mortgage debts. His attorney told him to offer his property for less than its market value. Please help, I want to...
by Shepherd's Lamb15 months ago
I just want to discuss what's going on in my little head right now and hope to hear from those of you more educated on the subject.I qualified to buy a condo in 2004 (six years ago). I paid $6,000 cash for...
by ltonks8 years ago
Where do I send a short sale package?
by mikeyperk6 years ago
If you are underwater with your mortage and your family is growing. What to do? Short Sale?
by slimm5285 years ago
While in the process of a short sale do you continue to pay HOA fees?
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