Can second mortgage lienholders lift their lien for military members to sell their house due to receiving orders to move?
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Can second mortgage lienholders lift their lien for military members to sell their house due to receiving orders to move?
I am in the military and received orders to move, and must sell my house. However the sale of the house will not cover the balance to the second lienholder so they will not lift the lien for me to sell the house. What options do I have?
Asked on June 20, 2009 under Real Estate Law, Wisconsin
Answers:
J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney
Answered 15 years ago | Contributor
I am a lawyer in CT. You can either sell the house and try to negotiate reduced payoff with the second mortgagor or do a short sale whereby you sell the house to a buyer for less than what is owed on the first and second mortgage if the bank will take it. Or you can let the bank take the house in foreclosure. I suggest that you try to negotitate a deal with the second mortgagr and sell the house. I also suggest that you hire lawyer to help you.
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