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What happens if you have a second mortgage? Can you still do a deed in lieu of foreclosure if you have a second or a heloc?
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Sorry I missed this one. Typically it is a dead deal if you have a second mortgage,HELOC, or any other lein. I consider myself pretty lucky that they paid off the city lein. I don't know if it was the fact that my house wasn't as upside down (put 20% down) or that I left the house intact (didn't strip or destroy it).
If anybody has any additional info I would love to know myself.
Once
CW said they were considering paying off the lein when it was $17,000, I arranged for a meeting with the city to get a reduced payoff. Thankfully they came down to $2,200. I don't know if they would have paid the $17,000 or not but I figured I had come this far to not do anything I could to get this closed.