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Kenneth Wonsup Chung

Kenneth Chung’s Answers

1 total

  • I am upside down 35% in my house. I am paying my 1st and second to BofA. If I stop paying on the 2nd, what is my liability?

    The second was a line of credit secured by the house. Since the 1st mortgage is much more than the value of the house, how will the bank treat the second if I default but continue to pay on the first? The first is an interest only which balance i...

    Kenneth’s Answer

    For sales that occur after July 15, 2011, both senior and junior lienholders cannot require a borrower to pay for a deficiency after an approved short sale. If the second mortgage holder approves of the short sale, the lender cannot pursue the deficiency against you.

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