Short Sale Second Mortgage

My house is for a short sale. The first mortgage accepted the offer and is willing to eliminate the debt. However, the second mortgage indicated that will be a balance of 53k which I am responsible. I have a court order where shows my ex-husband is responsible of the 60% of any outstanding debts regarding this short sale. How can I repair my credit?

Nurys

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Hi Nurys,

Credit repair generally takes place after debt settlement.  The bigger issues would seem to be how to avoid having to pay $53,000 after closing.  Here are my thoughts.

The second is offering a lien release probably because they are only receiving $3k or so upon closing.  Go back to the second mortgage and ask if they will settle the account in full for another $5k.  Then have your ex-husband bring $5k to the title company at closing.

Thanks for the questions and hope this helps.

Paul

This author is not an attorney and this information should not be considered legal advice.  Please consult an attorney for legal advice.