Question: I am doing a short sale on my house. Does the second lien holder in the form of a home equity loan have the right to collect the debt in full prior to approval of the short sale? With the completion of the short sale, does the mortgage company then take the loan in? If I find a financial institution to get my mortgage agreement back to its current status, what rights does the mortgage company have?
Response: If you pay off the loan, you get a satisfaction of mortgage and bank cannot foreclose. Please note that generally the banks don't want your house and will be much happier with getting their monies. As far as the short sale is concerned, the fact that it's a short sale means that your home is worth less than the amount of your mortgaged debt. Holder of home equity loan has to agree to get cut off completely or receive a small amount of money on repayment of their debt for you to be able to proceed with the short sale.
In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.
The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information.
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