Help on 1st and 2nd mortgage

[kesch]

What is the name of your state? Michigan

I have friends that are going through a divorce and are trying to sell thier marital home. Becuase the values of housing in the Detroit have plumeted, they have not been able to sell the house for the sum of the 1st and 2nd mortgages (+ realator).

So . . .

Is there any recommendation on getting the 1st and 2nd lien holders together to negotiate a resolution?

Would they be legally held responsible for any amount money if they were to just walk away from the house?

How long would a forclosure be held on thier credit rating?

Any other recommedations would be appreciated.

[seniorjudge]

Originally Posted by kesch

What is the name of your state? Michigan

I have friends that are going through a divorce and are trying to sell thier marital home. Becuase the values of housing in the Detroit have plumeted, they have not been able to sell the house for the sum of the 1st and 2nd mortgages (+ realator).

So . . .

Is there any recommendation on getting the 1st and 2nd lien holders together to negotiate a resolution?

Would they be legally held responsible for any amount money if they were to just walk away from the house?

How long would a forclosure be held on thier credit rating?

Any other recommedations would be appreciated.

Q: Is there any recommendation on getting the 1st and 2nd lien holders together to negotiate a resolution?

A: Negotiate? They want the money you promised to pay back.


Q: Would they be legally held responsible for any amount money if they were to just walk away from the house?

A: Yes; read your loan papers. You agreed to it.


Q: How long would a forclosure be held on thier credit rating?

A: A minimum would be seven years.