I have a first, second and third mortgage on our house. Can the third mortgage keep us from selling out house if we can get what we owe on it.. They mentioned a short sale but they would have to agreed.
2006-06-30 03:56:27 · 3 answers · asked by skitters 2 in Business & Finance ➔ Renting & Real Estate
Even with all our mortgages ,the house is worth what we owe. We took out the third to update. They did say that we could do a short sale and then just take out a different loan to pay back the 3rd loan.
2006-06-30 04:46:33 · update #1
Assuming that you can get enough to pay off all of the mortgages then there should be no problem.
2006-06-30 04:02:18 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
you have to deliver a deed at the close of the sale. So if you owe more than the property will bring with the commissions figured in then you must satisfy all mortgages. This may in tale you taking out another loan to satisfy the 3rd deed of trust.
I am a mortgage banker
2006-06-30 11:01:30 · answer #2 · answered by golferwhoworks 7 · 0⤊ 0⤋
With 3 mortgages, you don't own your house... not by a long shot. You must owe more than the equity on your house, and in that case, they will foreclose on you before they let you sell-- they dont want to lose their collateral...
But the real question is, WHY WHY WHY take out 3 mortgages???
2006-06-30 11:01:23 · answer #3 · answered by katunich 2 · 0⤊ 0⤋