Posted on: 15th Apr, 2010 06:57 am
i bought my house 10 years ago for about $100,000. that 's about what i can sell it for today because of the short-sales in the neighborhood. i owe about 77,000 on the first. i got a home equity loan for 60,000 4 years ago. everything is current. if i sell and the 1st is paid off but not the 2nd, what happens and will this keep me from buying another home.
Well you are responsible for that $60k you signed for 4 years ago. They're surely going to want to see some of that monies, which means you may have to negotiate some type of "short sale" agreeable to both lenders. I hope this helps...