MICHIGAN PROPERTY…IF I AM IN REDEMPTION, HAVE FOUND A BUYER FOR THE HOME AND MY LENDER IS WILLING TO TAKE A SHORTSALE. DO I STILL HAVE TO PAY OFF THE SECOND LIEN ON THE HOUSE OR WAS IT WIPED OUT AT SENIOR LIENS SHERIFF’S SALE?

Question: MICHIGAN PROPERTY…IF I AM IN REDEMPTION, HAVE FOUND A BUYER FOR THE HOME AND MY LENDER IS WILLING TO TAKE A SHORT SALE. DO I STILL HAVE TO PAY OFF THE SECOND LIEN ON THE HOUSE OR WAS IT WIPED OUT AT SENIOR LIENS SHERIFF’S SALE?

Answer: – It’s hard to say because I don’t know what happened at the auction.  Typically in order to do a short sale, you need the 2nd to “release their lien” or “satisfy” it in order to get the acceptance.

One Response to “MICHIGAN PROPERTY…IF I AM IN REDEMPTION, HAVE FOUND A BUYER FOR THE HOME AND MY LENDER IS WILLING TO TAKE A SHORTSALE. DO I STILL HAVE TO PAY OFF THE SECOND LIEN ON THE HOUSE OR WAS IT WIPED OUT AT SENIOR LIENS SHERIFF’S SALE?”

1. Ny lien Says:
   April 12th, 2011 at 7:05 am

   Hi there,

   I guess the lender should only obliged the property rights when the lien is not paid

   Thanks,
   Donald

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