I have 1 mortgage on my home and one on my pool. My house auction is July 18th. Will my pool mortgage be forgiven in auction?

Asked almost 2 years ago - Anthem, AZ

I need to find out if my pool mortgage will be forgiven and if I still have time to short sell?

Attorney answers (2)

  1. Scott L Greeves

    Contributor Level 11


    Lawyer agrees

    Answered . Your situation sounds like you should sit down for a free consult with a bankruptcy attorney. You may have better options than losing your house in a foreclosure.

    Mr. Greeves is licensed to practice law throughout the state of Arizona. His office is in Tempe. He is authorized... more
  2. Robert H Nagle

    Contributor Level 10


    Lawyer agrees

    Answered . If your pool loan was taken out as part of the purchase of the house with the intent that it would be used to put in the pool, then the lender will likely not be able to pursue you. However, this is uncommon. As suggested above, if you took the loan out after purchase, you will have liability. However, to be safe, you should get your house listed ASAP, since a short sale can lead to a definitive answer. Many lenders will delay a foreclosure if you have submitted an offer you've accepted along with all paperwork required. I appreciate that the other attorneys are willing to speak with you but you are very short on time. The market is very good for sellers right now, and, if your home is worth less than $250k, you should have no problem getting offers very, very quickly. Let me know if you need a list of agents I refer to. I want you to know that I have no ties whatsoever with the agents on my list; they are simply agents I have confidence in and who have handled many short sale transactions.

    Accessing this website or receiving an electronic transmission from Nagle Law Group, P.C., or any specific... more
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