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Jaiparis
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0.10 Dollars($)
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 Posted: Sun Jul 15, 2007 9:15 pm Post subject: Short Sale? |
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I have a question, we own 4 houses, jumped into real estate alittle two quick, anyway, on our primary mortgage our payments 1st and 2nd is just to high, we are already having a hard time making all our payments and on our credit cards, we had added alot of upgrades to our house, it was newly built in 2002, and in our market there are many foreclosures and they are still building in our area, so we could not get the full amount for our house if we sold it, I was wondering if we could sell it for a lower amount, how does this affect the second? Any additional after the 1st is paid would go to the 2nd and could we just pay back the remaining balance due to the 2nd lender? Since the 1st would be paid off, do we just have to get the 2nd lien holder to agree?
And we didn't want to use a Realtor as this would be to much, could we do this ourselves?
We are current on our mortgages right now, but it's getting more and more difficult to keep up, any other suggestions?
Thanks
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Mac_7
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0.10 Dollars($)
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| Posted: Sun Jul 15, 2007 11:17 pm Post subject: |
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| Yes, you need to talk to the second lien holder and may be he'll want you to sign on a written agreement stating that you'll pay off the second loan even though you sell the property and clear the first mortgage debt. |
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 helping_user
Joined: 31 Mar 2006
Posts: 786
Location: Hawaii
146.34 Dollars($)
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| Posted: Mon Jul 16, 2007 10:30 am Post subject: RE: dealing with two home loans and short sale |
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Welcome Jaiparis.
Definitely you will have to get your plan of selling the home approved by the second lien holder. If you're selling the home at a lower price, then the second lien holder will be more concerned. In such a case, it may happen that he'll ask you to pay off his money first and then sell the house. But that's just a possibility; in general, it's the first lender who is paid off first as he is the first lien holder and then the second lender gets back his money. In such a case, I feel you should get a written agreement signed the second lender and the agreement should state that the second lender will be paid off after the home sale.
Thanks. |
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miller_st
Joined: 17 Jan 2007
Posts: 917
168.82 Dollars($)
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| Posted: Tue Jul 17, 2007 2:41 pm Post subject: |
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| Quote: | | And we didn't want to use a Realtor as this would be to much, could we do this ourselves? |
You can sell it on your own. I don't think there should be any problem with it.
The 2nd mortgage holder can very well sue you if his full balance is not recovered from sale. You need to talk with him to know if he would agree to accept a lesser amount than what is due on the mortgage.
Miller |
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