mortgage

2nd Mortgage write off

I have not been able to make a Mortgage payment for several months. I just checked my credit and my second Mortgage is repoting as profit and loss write off. If I sell my home do I still have to pay them or are they out of the equation.

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Featured Answer From WalletPop

David Reed Answered:

You'll have to pay them, plus accrued interest, penalties and maybe some attorney charges. That means they're definitely in the equation. :(

Lenders record an interest in your property when you take out a loan, and before the property can be transferred to a buyer, any previous interests must be settled. The lender will be paid, but deducted from the sale proceeds.

Posted 4 years ago
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David Reed is <a href="http://walletpop.com" rel="nofollow">WalletPop</a> 's Mortgage Expert

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tnkbars Answered:

can i try a short sale for 10cents on the dollar and see if they will release. that will leave me 70k and an opportunity to sell and start all over w some money to move on. and can i do it and then sell and pay them those funds.

Posted 4 years ago

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jacalene77 Answered:

My home has a mortgage(bal.$188,000 30yr. fixed @ 5.50%) and a HOME EQUITY LOAN with the balance of $140,000 @ 4.75% variable. I want to convert this EQUITY LOAN to FIXED RATE now. But I think that the interest rate will be higher than its variable 4.75%. Please advise me: should I convert it now, or wait longer in "hoping" that the inerest may drop; and what is your opinion regarding the interest rate, will it "fall" or "rise", and how soon? Thank you.