I am selling my home which has a first mortgage, a home equity loan, and a pool loan against it. It appears that I will have to short sell (the first mortgage is around what I can sell it for). Will I be able to just continue to pay the 2 smaller loans or what will happen with them. I also have another home in my name but shared between my brother and me, which is my moms home...could the banks for the 2 other mortgages try to put a lien against that home for those outstanding balances? Thank you.
1 Answer from Attorneys
You will have to clear all loans on your home. A buyer will not accept a home that has existing mortgages on it, and even if they would, transfers of the property are usually an automatic default of the remaining loans.
Depending on how you mom's home is titled, liens may be placed on the property and the property may or may not be sold to satisfy the liens.
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