Legal Question in Real Estate Law in Ohio

release of 2nd mortgage

We are doing a short sale on our home. The first mortgage has already said what they want, to get it sold. The second mortgage is waiting to hear what there is left for them, then will deal with us.

There are THREE offers on the table as of today!

So, my question is, the first mortgage, because they are accepting the short sale, in liew of a sherrif sale, they are forgiving the difference of what we owe.

So my question then is...Does the second mortgage work the same way? If they agree to accept some amount of payment, does that mean they can not come after us for the difference?


Asked on 11/27/06, 2:06 pm

1 Answer from Attorneys
Frank Rozanc Frank J. Rozanc, Esq.

Re: release of 2nd mortgage

Depends on the terms of the release that they file. Even though they may release the mortgage, they still might go after you on the underlying promissory note.

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Answered on 11/27/06, 4:51 pm


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