if i deed my home back to the lender and have a second mortgage. who is responsible for the second

have property in VA and need to dump it. Realtor screwed up and didn’t include second… Now if I accept offer will be 11,000 plus off…. If i deed the home back to the lender who is responsible for the second mortgage

Asked on December 10, 2018 under Real Estate Law, Tennessee


M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

The fact is that deeding a property back to a first lender does not absolve the borrower from responsiblities under a second mortage. The 2 are seperate instuments and carry seperate liabilities. At this point, while you seemed to have reached agreement with your first lender, you will need to either reach another agreement odf some sort with your second lender or you can be sued for non-payment which is a breach of your loan agreement.

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 1 year ago | Contributor

You would remain responsible for paying the 2nd mortgage and could be sued for it. A mortgage is a contract; the person who signs the contact and agrees to pay it remains responsible for it. Deeding back to the 1st lender does not absolve you of your responsibility to the 2nd lender.

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