Posted on: 01st May, 2010 02:57 pm
I have $300k on 1st and 50k on 2nd mortgage. Same unit selling now for $240k so I'm about $110k down. I can afford to pay but it will drain my cash for at least 7 years till I start building any equity (assuming 5% appreciation and payoff of the Equity line). I don't want to have zero in saving and no equity after 10yrs total at this townhome. I have about 20k in savings now, so how do I negotiate with 2nd mortagage to give them 10k-15k to settle the $50k ? I think I would take my chances and stay in the house if I was only 60k down even if I had to pay the 10-15 to get there. Otherwise my answer to them would be that I will go through the short sale process. Certainly would rather avoid that as my wife and I really like our house.
Hi Guest,
You should inform the second lender about your financial situation and request them to settle the dues for 10k-15k. It will depend upon the discretion of the lender whether or not he would consider your request.
You should inform the second lender about your financial situation and request them to settle the dues for 10k-15k. It will depend upon the discretion of the lender whether or not he would consider your request.