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?
October 22nd, 2008 by Jarad S.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.
