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I finalized bk in 2009 in california. I did not re

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I finalized bk in 2009 in california. I did not reaffirm 1st mortgage BUT reaffirmed the 2nd. I am considering a short sale or deed in lieu of foreclosure and been current on both mortgages since bk. I have put my condo on the market as a short sale and am wondering if that is the best route to take vs deed in lieu of foreclosure. Also, I am concerned about the debt I reaffirmed of $60k on the second (which was refinanced since the purchase date of the property prior to bk) if I am at all liable to pay that debt after doing short sale or deed in lieu of foreclosure. I am concerned that I am making an error doing short sale vs deed in lieu of foreclosure in regard to that 2nd. Please advise. thank you!!




You should contact your lender and apply for a deed in lieu of foreclosure. As you've reaffirmed the second loan, you are liable for paying the deficient balance of the second loan to the lender. As the first loan was not reaffirmed, the lender won't be able to come after you for the deficient balance.

Sub: #1 posted on Wed, 05/18/2011 - 02:55

Anna Sweeting Anna Sweeting

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