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

Get Legal Help Today

Compare Quotes From Top Companies and Save

secured lock Secured with SHA-256 Encryption

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

Answers:

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

Answered 5 years 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 5 years 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.


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 lock Secured with SHA-256 Encryption