Anyone have experience with these? 

Seller took out mortgage (1st lien)

Seller took out 2nd mortgage (2nd lien - different lender). 

Seller moved forward and was approved for loan modification in 2013 with First Mortgage Co. 

In 2013, "loan mod. agreement" and "mortgage" for $5K recorded at the Registry of Deeds. 

Now, this lien needs to be removed from property however, we're not sure if Discharge from Wells Fargo will reference both recorded mortgages.  Sounds complicated - I  know! 

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Replies to This Discussion

Hi Vanessa,

        I had a short sale a few years back with 3 liens.  We have the 1st trustee and then each spouse took out a 2nd or equity line against the property.  I really do not know how they could but it was allowed and separate on one of the liens.

Two different banks were in the mix.  Due to the nature of the two with the same bank and one being an equity line, the owner had to do a promissory for an amount.  The first and the 2nd by date different bank moved traditionally however the 3rd lien which was the same as the 1st lien and because it was also an equity line (as the 2nd) required a promissory. Also the 2nd was one spouse and the 3rd was a joint lien so how that was even permitted in the first place was a question with the loans taken against what seems to be against the same property within a couple weeks in recording.

Today, it might work out with an amount to the 2nd and 3rd plus the HOA however because it was an equity line, it was treated differently since it was used for cash out on the 2nd and 3rd. It was approved however it was a lot of balancing.

A more update scenario might be different.  Good Luck!

Joan Hawthorne




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