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If I go into foreclosure will the mortgages remain a lein against me?
Posted by James on February 25, 2009 in Home Loans | ∞
simple
I have a first loan and a second. I called a lender who wants me to short sale it instead of foreclosure because he said the second will remain a lein against me even after I lose the house (it is with Washington Mutual). Is that true? I lost my job and can’t make the payments, and can’t sell it because the value got appraised at $250,000 and my mortgages add up to $400,000.
I thought they are secured by the property, not by my life.
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I have a first loan and a second. I called a lender who wants me to short sale it instead of foreclosure because he said the second will remain a lein against me even after I lose the house (it is with Washington Mutual). Is that true? I lost my job and can’t make the payments, and can’t sell it because the value got appraised at $250,000 and my mortgages add up to $400,000.
I thought they are secured by the property, not by my life.
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Damn! Sucks to be you!
Write Obama a letter.
Yes, the mortgages will remain with you until their paid off or sold to someone else.