Legal Question in Real Estate Law in Florida

Short Sell with second mortgage

when doing a short sell and there is a second mortgage ,do i have to pay for this, or it written off ?


Asked on 12/15/08, 6:01 pm

1 Answer from Attorneys
Justin Schmidt Law Office of Justin B. Schmidt, P.A.

Re: Short Sell with second mortgage

A short sale DOES NOT wipe clean your second mortgage. More than likely, the primary lender you are negotiating the short sale with will not be able to consumate when they discover there is a second mortgage.

Is they were to foreclose, then the second mortgage WOULD be wiped away.

In either event, you are liable for the debt of a second mortgage and a default would negatively affect your credit.

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Answered on 12/16/08, 10:19 pm


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