Posted on: 16th Jan, 2009 05:28 pm
hello,
after house sale, if it does not cover entire second mortgage, will the bank set up a payment plan?...my house is currently for sale... we're asking 299,999, and owe 257,000 on first mortgage and 17,000 on second, which we can obviously pay entirely if we can sell the house for at least 290,000. my question is... if we cannot sell for 290,000 and we end up oweing some on the second mortgage, will the lender turn the amount owed into some kind of personal credit line for us to pay back monthly? thank you!
after house sale, if it does not cover entire second mortgage, will the bank set up a payment plan?...my house is currently for sale... we're asking 299,999, and owe 257,000 on first mortgage and 17,000 on second, which we can obviously pay entirely if we can sell the house for at least 290,000. my question is... if we cannot sell for 290,000 and we end up oweing some on the second mortgage, will the lender turn the amount owed into some kind of personal credit line for us to pay back monthly? thank you!
Hi shellbert,
If the sale of the property does not cover up the second mortgage, then you will still be liable for paying it. As the property will be sold off, the second mortgage will become an unsecured loan. You will have to speak to the second lender and negotiate with him. He may give you a new plan to pay it off.
Thanks
If the sale of the property does not cover up the second mortgage, then you will still be liable for paying it. As the property will be sold off, the second mortgage will become an unsecured loan. You will have to speak to the second lender and negotiate with him. He may give you a new plan to pay it off.
Thanks