Posted on: 12th Dec, 2009 07:47 pm
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.
note - with home value decline, i will break even on first mortgage so i won't have equity with it.
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!
Good luck to you!