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Old 07-18-2001, 01:38 PM
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Join Date: Dec 2000
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Question
Own a house in VA, currently rented. As part of the divorce settlement we have to sell the VA house. First and second mortgages currently add up to just about the selling price. After realtor takes her cut that leaves us short on mortgages. Who gets first crack? First mortgage or second? Do lenders commonly convert remaining balance to another kind or loan (unsecured)?
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Old 07-18-2001, 03:25 PM
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Join Date: May 2000
Location: Catatonic State
Posts: 75,781
First mortgage gets paid first. It is up to each lender a to resolution of the balance. Some will waive, some will to another loan etc. See if the lender will do some kind of workout ie. short sale etc.
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