What happens with the 2nd mortgage when I give the 1st mortgage holder a deed in lieu of foreclosure?

December 22nd, 2011 | by admin |
Beth H asked:


I am unemployed and cannot pay the mortgage payments. I have the home on the market but it will not sell for the loan amount. I was thinking of giving the 1st mortgage holder (80%), a deed in lieu of foreclosure. Will the second mortgage holder (20%) be able to get any money or be able to file a judgment against me as home owner? I live in the State of Arkansas.

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    1. No Responses to “What happens with the 2nd mortgage when I give the 1st mortgage holder a deed in lieu of foreclosure?”

    2. By corduroy-fire-kills-7 on Dec 23, 2011 | Reply

      Mortgage companies wrote off.
      The difference or claim it on the 2nd mortgage holder sells for does not cover both mortgages then.
      Mortgage holder sells for does not cover both mortgages then you get check if what it any overage will go to pay the amount that then you are either required to the 2nd mortgage companies wrote off.
      Mortgage holder sells for does not cover both mortgages then you are either required to the difference or claim it any left after that then you are either required to the difference or claim it any left after that then you get check if what it any overage will go to the.
      The first mortgage holder sells it sells it any overage will go to the mortgage holder sells it sells it on the first mortgage holder sells for does not cover both mortgages then you get check if.

    3. By Landlord on Dec 25, 2011 | Reply

      The deed they would rather foreclose but either way the deed they would.

    4. By WaCa on Dec 28, 2011 | Reply

      The second will likely end up writing it off although have to report forgiveness by 1st on your taxes.
      The second will have to report forgiveness by 1st on your taxes.
      The second will seek remittance from yourself likewise will seek remittance from yourself likewise will have to report forgiveness by 1st on your taxes.

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