I have two mortgage loans. Can I offer $5k to my second mortgage, to cancel the debt?
Posted in Mortgage Loans on 07/30/2011 02:16 am by admin
Question by YoungGirl: I have two mortgage loans. Can I offer k to my second mortgage, to cancel the debt?
I have two loans- 441,000.00 and 77,000.00. House is lonesome 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 tin 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.
Best answer:
Answer by weezie
You can offer but there’s no way they will accept it. your house is worth more then the 2 loans together.
What do you think? Answer below!