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Owe more on 2 mortgages tab house is valued

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Quigleyacct Joined: 26 Jun 2011 Posts: 1 1.36 Dollars($)	Posted: Sun Jun 26, 2011 6:32 am    Post subject: Owe more on 2 mortgages tab house is valued Like 0 Dislike 0 We are seeking to try and sell our home and move into one with more space. The problem is we owe more on two mortagages than what the house can sell for. If I sold the house i would have to come to closing with 85k to clear the two mortgages. I currently have enough cash in the bank to pay down on the first mortgage that it would be cleared by the sale. What I was wondering was is there some way I can roll that second mortgage over or to continue to pay for it while in the new home. We can not short sale the home because we cannot prove a hardship. Is there anything we can do besides working on paying down on the mortgages and trying to sell at a later date. I appreciate any advice you may have.
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Sun Jun 26, 2011 10:24 pm    Post subject: Like 0 Dislike 0 Hi Quigleyacct! Welcome to forums! As far as I know, you won't be able to roll your second mortgage with the new one. Your new lender won't agree to it. Moreover, the second lender will want you to pay off the debt as soon as you sell off the property. Feel free to ask if you've further queries. Sussane

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