Re: Washington State - 1st and 2nd mortgage

Posted by broke on November 14, 2007 at 21:24:20:

In Reply to: Re: Washington State - 1st and 2nd mortgage posted by OC andy on November 14, 2007 at 21:01:21:

Here's my concern;
1st mortgage is for 210,000
2nd is for 50,000
House is worth around 260,000
Why would the 1st mortgage holder agree to a short sale since they would most likely get there money back from a foreclosure... its the 2nd mortgage holder Im concerned about for 50,000. Do you think they will go for a deficiency judgement? Chance are there wont be enought money to cover the 2nd.

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