USA ShortSale Help

[KBEN]

Hi,

My wife and I recently short sold our home. We relocated 1200 miles and I started a new job. Our income is on the up and up but we still suffer from the 2008 economic crash. We are holding a boatload of unsecured debt and we have one open item that we do not know how to address.

Our first mortgage company relieved us of the deficency.However, our second mortgage did not. We closed the shortsale but do not know what to do about the second. before we begin to payoff our unsecured debts we need to know what is going to happen with the 2nd mortgage? Any input on this matter would be greatly appreciated!

Thanks,

KBEN

 

[kirby]

If you used a legal or loan consultant for the short sale, they should have made arrangements with both the first and second lender. If they did not you should seek legal advice regarding their failure to represent you properly. At this point, getting a lawyer is not a bad idea. At least consult with one and see what they can do for you on the second lender and ask what the legal work might cost.
And you need a lawyer licensed to practice in the state where the house was, not where you are now - if that is a different state.

 

[brett]

Anti-Deficiency Laws

What state are you in? Some states have Anti-Deficiency Laws when you do a Short Sale
Depending on the state and date that you completed your Short Sale you could already be absolved of any liability to the Jr. lien holder.