Posted by River City on November 06, 2005 at 08:36:13:
First, I am not an attorney. However, I believe that in a short sale, the 1st can only speak for the 1st as far as being charged with a deficiency, unless they hold both the 1st and the 2nd. I also believe that you might have to consider the amount of the unpaid balance as taxable income. This is something you need to consider when making the decision to do a short sale.
Stop foreclosure Nov. 8th? - Posted by caryn childs barecich
Posted by caryn childs barecich on November 04, 2005 at 08:23:04:
House in Asheville, NC - foreclosure filed by 1st lien holder set for Nov. 8th.
1st - P&I 142K
2ns - equity line - 35K
NO EQUITY in house.
Chatper 7 discharge Jan 2005.
I have been working on keeping foreclosure off my record, and getting 1st & 2nd something. I have investor who has been ready to offer short sale - 1st says ok.
I am getting conflicting info re: 2nd lien. 1st says if they accept short sale, I cannot be charge with any dificiency.
Can anyone clarify???
,
Caryn
770-378-5112
Gratefully