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Both my first & second mortgage are current. I got the 2nd with a 125% loan. I now need to move to a bigger house, however I don't have the money to pay the $29K remaining on the 2nd mortgage. The 2nd mortgage is with GMAC and I'm in Ohio. What can I do to be able to move but not pay off 2nd mortgage?

Note - With home value decline, I will break even on first mortgage so I won't have equity with it.

david2 · Posted: Sat Dec 12, 2009 9:53 pm Post subject:

Well, your second mortgage is not just going to forgive the money owed. However, you do have a few options. It seems like you may have to speak with a real estaet agent and your mortgage companies to prepare a short sale on your home. What you may be able to do is work with both your first and second lender, and the first lender might be willing to accept a little less on their payoff so that you can afford to get a short payoff on the second mortgage. If you have any available funds, sometimes you may contact the second mortgage, and they may be willing to take a drastic discounted payoff in order just to receive something for the loan that is in place. Second lenders have taken such a large hit due to the drastic loss in values across the country and they in many instances are happy to be getting paid anything!

Good luck to you!

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