I have two mortgage loans. Can I offer $5k to my second mortgage, to cancel the debt?
Tuesday, July 28th, 2009
YoungGirl asked:
I have two loans- 441,000.00 and 77,000.00. House is only worth about 520,000.00. I need to get out of it asap. Can I offer the lender of the second mortgage some money to get out of it before I do a short sale on the first? I was thinking about $1000 to $5000. Thanks! I need all the answers I can get.
I owe 520k, it may only sell for that amount if I’m lucky, definitely not more. Can I please have people with experience in this answer the question. I’ve read that in some short sales, the second mortgagee gets zero.
Cynthia
I have two loans- 441,000.00 and 77,000.00. House is only worth about 520,000.00. I need to get out of it asap. Can I offer the lender of the second mortgage some money to get out of it before I do a short sale on the first? I was thinking about $1000 to $5000. Thanks! I need all the answers I can get.
I owe 520k, it may only sell for that amount if I’m lucky, definitely not more. Can I please have people with experience in this answer the question. I’ve read that in some short sales, the second mortgagee gets zero.
Cynthia