Can second mortgage lienholders lift their lien for military members to sell their house due to receiving orders to move?

Get Legal Help Today

 Secured with SHA-256 Encryption

Can second mortgage lienholders lift their lien for military members to sell their house due to receiving orders to move?

I am in the military and received orders to move, and must sell my house. However the sale of the house will not cover the balance to the second lienholder so they will not lift the lien for me to sell the house. What options do I have?

Asked on June 20, 2009 under Real Estate Law, Wisconsin

Answers:

J.M.A., Member in Good Standing of the Connecticut Bar / FreeAdvice Contributing Attorney

Answered 12 years ago | Contributor

I am a lawyer in CT.  You can either sell the house and try to negotiate reduced payoff with the second mortgagor or do a short sale whereby you sell the house to a buyer for less than what is owed on the first and second mortgage if the bank will take it.  Or you can let the bank take the house in foreclosure.  I suggest that you try to negotitate a deal with the second mortgagr and sell the house.  I also suggest that you hire lawyer to help you.


IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.

Get Legal Help Today

Find the right lawyer for your legal issue.

 Secured with SHA-256 Encryption