How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Phillips Esq. Your Own Question
Phillips Esq.
Phillips Esq., Attorney-at-Law
Category: Real Estate Law
Satisfied Customers: 17453
Experience:  B.A.; M.B.A.; J.D.
16551887
Type Your Real Estate Law Question Here...
Phillips Esq. is online now
A new question is answered every 9 seconds

I own a condo in MN which I purchased in 2005. I have an

Customer Question

I own a condo in MN which I purchased in 2005. I have an 80/20 loan(s). They were both 30 year loans with the first 10 years, intrest only. At this time, the condo's market value is 140K, while I owe 139K to Nationstar and approximately 39K to Citibank. Nationstar owns the 1st lien and Citibank owns the 2nd. I initiated the loan modification process with Nationstar and sent in the paper work. They assigned it to an officer who has never answered his phone or called me back during the whole process. I have made complaints to their serice line to no avail. My question is, if they deny my modification and I do a deed in lieu with Nationstar and just move on with my life, can the 2nd lien, Citibank, sue me for repayment of the second mortgage?
Submitted: 11 months ago.
Category: Real Estate Law
Expert:  Phillips Esq. replied 11 months ago.

Regrettably, yes. Your obligation to the second loan lender is not extinguished with your arrangement with the first loan lender. You would still owe on the second loan.

Related Real Estate Law Questions