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I'm in process of a short sale and the 2nd lien holder wants me to waive any Anti-deficiency laws or regulations.
Hana, HI
Viewed 113 times.
Posted 3 months ago in Foreclosure
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The 2nd lien holder wants me to sign a document that states: "Borrower agrees to waive any federal, state or local anti-deficiency or other law or regulation that might otherwise limit or prohibit their continuing obligation to the lender for the amount of the short fall referenced above. Would they still be able to enforce the debt if I filed bankruptcy? If they can still enforce the debt would I be better off letting the house go to forclosure to avoid having to payback this deficiency?
Answers (1)
Alan James Brinkmeier
This attorney is licensed in Illinois.
Posted 3 months ago.
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Anti-deficiency laws typically provide no protection for second mortgages or home equity lines. Online we cannot find out any details. You need a lawyer. Check with a lawyer in your locale to discuss more of the details.
Good luck to you. God bless. NOTE: This answer is made available by the out-of-state lawyer for educational purposes only. By using or participating in this site you understand that there is no attorney client privilege between you and the attorney responding. This site should not be used as a substitute for competent legal advice from a licensed professional attorney that practices in the subject practice discipline and with whom you have an attorney client relationship along with all the privileges that relationship provides. The law changes frequently and varies from jurisdiction to jurisdiction. The information and materials provided are general in nature, and may not apply to a specific factual or legal circumstance described in the question.
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