Legal Question in Credit and Debt Law in Virginia
Second Trust Mortgage Delinquency
I own two investment properties. Both properties have a first and second trust. I fell behind on both second trusts which are serviced by 2 different mortgage lien holders but have identical loan terms and conditions. In one case the mortgage lien holder agreed to modify the loan terms and reduce the interest rate to make the payments affordable. In the second case the other mortgage lien holder refuses to do so even though both loans were originated by the same broker with identical loan terms and conditions. The second trust mortgage holder would rather accept a short sell and as hinted at foreclosure where they are likely to lose on their investment rather than modify the terms. I just cannot make the payments under the original terms. What are my options?
3 Answers from Attorneys
Re: Second Trust Mortgage Delinquency
Better look for a buyer who might satisfy the first as well as second trust holders that he or she would be a worthy candidate to purchase your second property on a short sell basis.
Re: Second Trust Mortgage Delinquency
Better look for a buyer who might satisfy the first as well as second trust holders that he or she would be a worthy candidate to purchase your second property on a short sell basis.
Re: Second Trust Mortgage Delinquency
Better look for a buyer who might satisfy the first as well as second trust holders that he or she would be a worthy candidate to purchase your second property on a short sell basis.
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