question on a short sale - Loan Modification Forum

paltauf · 11-06-2009, 12:13 PM

Does anybody out there know what will happen if you short sell an investment property with Chase and there is a second mortgage of $45,000.00. with another bank?? Can that second bank come after our primary residence or will we be protected if Chase accepts the short sale?

HopingtoFind · 11-06-2009, 08:18 PM

In order to short sell a property BOTH loans have to release liens and agree to short sale. Generally what happens when there is a 2nd lien on the property you have to settle with the 2nd in order for short sale to proceed. If 2nd doesn't release lien, short sale will not happen.

11-06-2009, 12:13 PM	#1 (permalink)
paltauf Junior Member Join Date: Oct 2009 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	question on a short sale Does anybody out there know what will happen if you short sell an investment property with Chase and there is a second mortgage of $45,000.00. with another bank?? Can that second bank come after our primary residence or will we be protected if Chase accepts the short sale?

11-06-2009, 08:18 PM	#2 (permalink)
HopingtoFind Senior Member Join Date: Oct 2008 Posts: 635 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: question on a short sale In order to short sell a property BOTH loans have to release liens and agree to short sale. Generally what happens when there is a 2nd lien on the property you have to settle with the 2nd in order for short sale to proceed. If 2nd doesn't release lien, short sale will not happen.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode