Re: 2nd Mortgage Options and Liability

Posted by Julio Martinez-Clark on April 27, 2008 at 18:20:51:

In Reply to: 2nd Mortgage Options and Liability posted by Gary on April 27, 2008 at 13:28:07:

Gary,

1. Question about tax liabilities should be addressed to your tax professional. The
IRS' website has good information on the topic at www.irs.gov/newsroom/article/0,,id=174022,00.html

2. The second lien holder, if allowed by state laws, will try everything to collect the
amount that you agreed to borrow as stated in the promissory note that you
signed regardless of any appraisal on the property.

I hope this helps,

Julio Martinez-Clark

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