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Asked 11/10/2009 11:31 am CT (Exeter, NH)

I have a hardship. Can I sell my home and pay off my first mortgage and then negotiate a second mortgage payoff with the proceeds? Or can I renegotiate the second mortgage with a promisary note.

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Asked 10/12/2009 05:09 pm CT (Riverside, CA)

My husband and I are filing chapter 7 due to my prolonged unemployment, now he has lost his overtime and we are having trouble making the mortgage and the second, both with B of A. We are current, but are classified as imminent default as I pay later and later every month. Either food or mortgage.We owe $383.000 and it\'s only worth $138,000, we tried to refi and tried to get it modified. Both times we were told \"do not qualify\" Unemployment too much. We are seriously thinking about just letting it go , but we both have serious moral issues with not paying for where we live. What is your suggestion. My husband says just pay the first and leave the second, but won\'t they repo on that too?

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If you are filing chapter 7 there is no need to pay for either mortgage this is what your attorney ...

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Asked 09/25/2009 10:51 am CT (Olathe, KS)

My wife and i got a chapter 7 discharge . We reaffirmed the first mortgage but not the second one . the second one was a 125 % LTV . If we can't make the payments on the second one . will they foreclose on the house ? we owe 89000 on first and 34000 on the second and the house is worth around 105000 ? Would they pursue a foreclosre that they would most likely not gain anything back from ?

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Asked 09/18/2009 12:05 am CT (Los Angeles, CA)

I have filed chapter 7 and should receive a discharge soon. I included as surrender all three mortgages. My first mortgage lender has offered me a modification to sign now before the discharge, not reaffirmation just signing new modification. If the house was to foreclosure, there is not enough money to pay the second or third liens. Am I legally obligated to pay the first mortgage if I sign this modification and lets say the 2nd decides to foreclose would I have to pay any money to the first? I dont plan on paying the second or third mortgages.

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Asked 09/16/2009 07:26 pm CT (Northglenn, CO)

Hi - I have lived in my house for 3 years - I have a second mortgage. I had lost all my equity to pay bills when we got here - my house payment is killing me. We don't utilize all our space. How realistic is it that I can get another house when I'm upside down by about 20K.

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Hi, If you are upside down by 20k, and you want to buy another home, you probably need to sell y...

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Asked 09/15/2009 07:45 pm CT (Alexandria, LA)

I was recently told when attempting to refinance my home including a second mortgage, that the second mortgage had never been recorded with the courthouse and that the courthouse had no record of it. In order to start the subordination process with mortgage 2, i first have to figure out this \"not recorded issue\". Where do I start and how do you fix this??

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Asked 03/16/2009 02:31 pm CT (Anaheim, CA)

can i refi my first without touching the second?

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Asked 03/16/2009 02:30 pm CT (Anaheim, CA)

can i refi my first without touching the second?

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Asked 03/12/2009 10:29 am CT (Addison, IL)

what is a loan modification? and what is a second morgage?

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Asked 01/19/2009 10:01 am CT (Dothan, AL)

I lost my job in December and am unable to pay my second mortgage. i can pay my first. What will happen?

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Asked 01/13/2009 01:49 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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I do not believe that is true, what I suspect will happen is when the property is foreclosed on you ...

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Asked 01/13/2009 01:48 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not necessarily true and there is no point in paying the 2nd if you can't pay the first. The 2nd wil...

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Asked 01/13/2009 01:47 pm CT (Los Angeles, CA)

My husband and I have secondary property that is in foreclosure. The properth has a first and second mortage loan. We were told that we must pay the second mortgage loan or we will be sued.

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Not true.

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Asked 01/12/2009 03:13 pm CT (Atlanta, GA)

I have 2 mortagages one on my primary residence of about $580,000.00 on a house worth about 1,000,000.00. The second on a Lake house of about $550,000.00 on a house worth about 1,300,000.00. Our rate is 6.5 on a 10 year interest only loan. We were told by our banker that mortgages over $400,000.00 could not legally qualify for an interest rate lower than we have. Our credit is very good. My question is: Is this true? If so, why? If not, were can I get the best rate for my loan? Would a credit union be a viable answer? I know that is more than one question however, I hope you can help me. Thanks, Barry Grubb

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Asked 01/08/2009 06:50 pm CT (Edina, MN)

I have a second home (investment purposes only) in Florida and have a five year interest only loan (comes due in a few months). Since values have plunged, the bank holding the Florida mortgage will not refinance since we owe more than the home is worth. Our primary home in MN is paid for. How do I know what the best route to go is with the home in Florida? I don't really want to take an equity loan out on main residence and put the liability back on that house.

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You could sell the Florida property, or refinance your current home and paf off the Florida propertr...

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Asked 01/02/2009 12:45 pm CT (Annapolis, MD)

My son's wife moved out of their house a few months ago. She took care of all bill payments. Now he finds out that she did not make the second mortgage payment for a very long time and they will no longer accept a monthly payment. He is working two jobs just to pay the monthly bills and has two children with him. He tried to draw out his 401K to pay on the second mortgage but was not able to get more than $1200 from the fund. His first mortgage is fine. What can he do about this situation? Can the second mortage company foreclose on his house? Thank you for your reply.

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Yes, the 2nd mortgage lender can foreclose. However, the property would have to sell for a sufficie...

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Asked 01/02/2009 12:27 pm CT (Annapolis, MD)

My son's wife recently moved out of his house. She was the person making the bill payments each month. Now he finds out that she has not made a payment on the second mortgage for some time. The second mortgage company wants the entire $22,000 and will no longer accept monthly payments. He has two children and is working two jobs just to pay the monthly bills. He tried to cash in his 401K but was told that he can only receive $1200 a year and not the $11,000 in the retirement fund. What should he do? Can the second mortgage company foreclose on his house? Thank you for your reply.

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The second mortgage company should be willing to negotiate with the way the market is going. Negoti...

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Asked 12/22/2008 08:50 pm CT (Atlanta, GA)

NEED INFORMATION ON OPTIONS FOR PAST DUE 2ND MORTGAGE. I HAVE 2 MORTGAGES MY FIRST MORTGAGE I DID A MODIFICATION ON IT AND I AM CURRENT ON IT. MY SECOND MORTGAGE COMPANY DID NOT OFFER ANY RELEIF OR LOAN MODIFICATION PROGRAMS. I AM NOT ABLE TO REPAY THE PAST DUE BALANCES TO BRING IT CURRENT. THEY HAVE SENT THE ACCOUNT TO AN ATTORNEY. DO I HAVE ANY OPTIONS?

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Asked 11/11/2008 01:18 pm CT (Waterloo, IA)

My husband and I are currently renting a two bedroom house, but 4 months ago we had our second child so we are now looking to BUY our first house. I have poor credit and my husband has no credit. We are current on all of our bills and my husband just got a new job 3 months ago. My husbands take home pay is about $3200.00-$4000.00 per month. I get paid an hourly wage, but also make commission which makes it so i can't prove my income but I bring home about $1200.00-$1600.00 per month. My husband did have a judgement against him because someone didn't pay a bill they were suppose to pay- but we are now paying it. We need to move to make room for our family.

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Asked 10/29/2008 10:11 pm CT (Sacramento, CA)

I want to buy a home that is being sold as a bank owened property.. it is through a realestate co. I am in the process of trying to sell my first house but this is a short sale on the other ... I dont have money for a down before sale and they wont do a contingant. could I get a second morgage to cover it? we owe 141,000. ( worth 160,000-180,000) on my home now, the other home is only 92,000. we could afford both morgages untill the sell of first but like I said no money for that down... and how to get anouther loan still oweing on first. what are my best options??

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Hi Crystal, It appears by how you describe your situation that you may think about receiving a Gift...

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