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Ratings. Guidance. The Right Lawyer.
I have a 1st and 2nd mtg on a house. If I sell the house and there is liitle money left for 2nd , can I cont. to pay 2nd myself.
Edmonds, WA
Viewed 12 times.
Posted 4 months ago in Real Estate
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I am wondering if second mtg can legally accerelate my second if I sell my house and proceeds do not cover all of the 2nd. I
want to continue monthly payment personally on the second as there won't be lump sum cash to pay but I have the ability to pay monthly. What is the law in wa state. Answers (1)
Erica Crohn Minchella
This attorney is licensed in Illinois.
Posted 22 days ago.
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As a general rule in Real Estate Law, you would not be able to sell the property and give clear title to you buyer without paying off the second mortgage and getting a release of lien. If there is not enough money to pay the second through the sale of the property you should look at doing a short sale. Alternatively, if you don't want the credit hit for the default on the second mortgage, you might look at doing a Contract Sale (Articles of Agreement for Warranty Deed) and finish the sale transaction after you have been able to finish paying off the second mortgage.
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