Ask Experts Questions for FREE Help !
Ask
    PShore1953's Avatar
    PShore1953 Posts: 1, Reputation: 1
    New Member
     
    #1

    Apr 17, 2007, 03:33 PM
    Selling with 1st & 2nd Mortgage
    We need to sell our home in which we are a little "upside down" -- between the first and second mortgages, we owe about $3000 more than the house is valued at right now. A friend told me I could ask the second mortgage holder to release their lien so that we can sell the house, and then write up another contract with them to pay off the balance? Is this true? Or what do you suggest? Thank you!
    wynelle's Avatar
    wynelle Posts: 184, Reputation: 21
    Junior Member
     
    #2

    Apr 17, 2007, 05:37 PM
    I doubt the second mortgage holder is going to release the lien just so you can sell the house. I suggest you take everything in the house that you don't need to survive and sell it on eBay or at a garage sale, and use that money to pay down the second mortgage.

    If you are "upside down" right now, you will be even more so after closing costs, commission, fees, etc. So take second jobs, sell all unneeded or unnecessary items, and paydown the second.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #3

    Apr 17, 2007, 06:34 PM
    If they did that, the issue is instead of a mortgage it is a personal loan.

    They may allow to let you keep a few thousand as a personal loan, more if your credit is good.

    But wynelle is right there is little to do but get that mortgage paid down so you can sell if you can't borrow enouh to make that balance.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Kid's fantasy movie I saw in 1st or 2nd grade (between 1989 and 1992) [ 6 Answers ]

I remember very little of the movie now, but I do remember that near the end of the movie, the main character (a young boy) escapes a dungeon/castle using an invisible cloak or something else that made him invisible? The main character was somehow transported from the real world into a fantasy...

2nd mortgage foreclosures [ 1 Answers ]

If the 1st lien holder forecloses on a property can the 2nd lien holder seek monies?

1st and/or 2nd foreclosure [ 2 Answers ]

My wife and I recently purchased a new home and rented out our original home... within a few weeks the renters left... we are now stuck with a 1st and 2nd on the first home and a new mortgage on our new home... the first home is maxed out on equity... we can't afford a 1st and 2nd and our newest...

2nd mortgage on Rental Property Possible? [ 9 Answers ]

I have two rental properties- one is a single family home I have owned for 7 years, the other a building with 4 apartments. I live in the apartment building, had to agree to that for the loan to work, so I ended up renting my previous house (the one I have owned for 7 years). So basically, both...


View more questions Search