Short Sale, Realty Professionals 805-474-7040 Short Sale with 2nd Trust Deed and Bankruptcy, by Kevin Jones. Are you considering selling your home as a Short Sale? Do you have a first and second mortgage? Many people do, several also file for Bankruptcy to eliminate debt and responsibility to the creditors. So here is a scenario, the house is worth lets say $300,000 and the first mortgage is $400,000 and the second mortgage is at $100,000. While filing for Bankruptcy eliminates the debt and the responsibility from the borrower it does not absolve the property from this lien.
Realty Professionals 805-474-7040
What does that mean? It means that for you to sell your property via Short Sale and you have a first and second on the property both liens will need to be paid for or negotiated down or go through the short sale process on each loan! If they are with the same lender then many times this is processed in house and all is good. But if you have different lenders these need to be independently negotiated either through the Foreclosure, Bankruptcy or Short Sale departments.
For more information about Short Sales, contact Kevin Jones at Realty Professionals 805-474-7040
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