2006-06-26 07:56:23 · 7 answers · asked by yakky 1 in Business & Finance ➔ Renting & Real Estate
You cannot sell the home without paying off the second mortgage. So either you go bankrupt on both, or you pay off both in full at closing. The bank gets their check before you do, and their lien on your title will show up in the title search. There's no way to recieve the funding from the home sale without satisfying all liens first.
2006-06-26 08:19:15 · answer #1 · answered by dcgirl 7 · 1⤊ 0⤋
All the answers from the previous people are correct. Both your Mortage and 2nd are already on title. You can contact the title company (or your lenders yourself) and find out the total Payoff's from both - Payoffs are higher than what shows up on your monthly statements. The companys can charge interest, recording fees etc..and if you have a pre-payment to get out of your 2 mortgages....This will let you know what you need to ask as far as selling your home. Also take into consideration, the closing fees your accure and the realitor fees you will be paying....You may look into Selling your home by your self (a for sale by owner) where you do not have realitor fees associated with your loan - some realitors charge 3-6 percent...depends on the state you live in. The person who does the financing for the buyer, will order the payoff's, title, etc on behalf of their client.....Good Luck.
2006-06-26 17:57:00 · answer #2 · answered by W. E 5 · 1⤊ 0⤋
What you might want to consider is a "short sell". Basically, it's asking a lender to accept less than what is owed. Kinda like telling a credit card company that you can't pay the 5k balance, but you can pay 1k and they charge off the rest. The second will be willing to work with you because it doesn't want to get wiped out during a foreclosure or bankruptcy.
If you're in Southern California, contact me and we can see what exactly your issue is and what options you have.
Regards
Satar Naghshineh
satarnag@amirifinancial.com
www.amirifinancial.com
2006-06-26 16:32:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No, When you sell it any proceeds that you receive will first pay the first mortgage and then the second mortgage, as the second mortgage also has a lein against the property. If you don't receive enough money from the sale, then yes you can include the 2nd mortgage in your bankruptcy
2006-06-26 17:40:39 · answer #4 · answered by mommamojomuppet 1 · 0⤊ 0⤋
When you sell your home. The sales price should be enough to payoff your 1st and 2nd mortgage. Depending on how much you owe and how long you've had the home their mayl be additional money left over for you to purchase another home or fulfill any number of your goals.
2006-06-26 15:20:38 · answer #5 · answered by James 1 · 0⤊ 0⤋
If you sell your home the second will paid off also.
2006-06-26 15:13:30 · answer #6 · answered by Hollli 3 · 0⤊ 0⤋
if you haven't already work 2 jobs if you can and evaluate stuff you have to see if it is worth keeping
2006-06-26 15:00:18 · answer #7 · answered by trevor g 1 · 0⤊ 0⤋