2nd mortgage and short sale |
| Published: December 31, 1969, 7:00 pm |
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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 offer us any options but we have been told that there are no options other than to fulfill the obligation. Do 2nd lends normally sue for the balance? Do you have any suggestions as how we can resolve this - other than letting it go into foreclosure? We have a potential buyer but our realtor said they will low-ball an offer (no surprise in this market). How do we close without the 2nd lender being paid off? [ Full article ] |
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