Legal Question in Real Estate Law in Arizona

foreclosures

Wife and I bought a house using two loans to purchase, aprox. 1.5 years ago. We are going through a divorce and cannot sell the house to cover what we owe, and we dont have the money to pay the current mortgages. How does a short sale work with two different lenders? How does a foreclosure work with two different lenders? Can we be held liable for any money that does not pay off the loan through either process?


Asked on 10/29/07, 1:36 pm

1 Answer from Attorneys
James Jenkins Jenkins Law Center PLC

Re: foreclosures

This is really too complicated a question for the Law Guru site in my opinion. This site is designed for basic questions on narrow issues. Your question requires a lengthy narrative that is beyond the scope of this site.

Short sales are complicated. You need lender approval. They are much more complicated with two lenders. See an attorney or someone whose business it is to do this type of transaction. Such a person may be the buyer of the property. There are those who arrange this sort of sale for buyers. Do not attempt to do this yourself. It is too tricky for you.

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Answered on 10/29/07, 3:10 pm


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