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Stopping payment on only the second to make it go away??

Posted by Lori Eitel on June 5, 2012 at 2:14am in Short Sale Discussions
I have a seller that has had a couple of people he knows that stopped payment on the second lien and then negotiated and got it released. He then had confirmation from a lawyer that it may be possible to do. I have never heard this situation going well and everytime I've seen it the home ended in a full short sale. He has a 90/10 loan and the other part is he wants to stay in the house if he can get rid of the second??!! Has anyone done this?

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Replies

  • Bryant Tutas June 5, 2012 at 9:16am

    It is possible for an attorney to do a lien strip. Of course that doesn't necessarily mean the debt will go away. Certainly something they need to speak with an attorney about.

  • Sam June 5, 2012 at 4:56am

    I have heard of it happening on quite a few occaisions.

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