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If I sell my home, pay off the first mortgage, but do not have enough from the sale.......?
I have two mortgages on my home. If I sell my home, make enough from the sale to pay off the first mortgage and have money left over to pay part of the second mortgage, how easy or hard do you think it will be to secure a personal loan to pay the remainder of the second mortgage? I know that both mortgages have to be free and clear when my home sells. I am fully employed, out of debt (other than my mortgages) and my credit is good. I hope I was clear. Thanks!
4 Answers
- goz1111Lv 710 years agoFavorite Answer
Without collateral highly unlikely you will find a traditional lender to loan you the monies; if the difference is not to large you might able to increase your credit card limits to cover, or look toward friends and family
Only other way would be a short sale but your credit would take a hit
- 10 years ago
Its a tough question. Without paying off both mortgages, you may have to consider doing a short sale. But that can be a whole nightmare. If you are free of debt, would you be able to bring any cash to closing to satisfy the second mortgage? Call your lender and see what options there are for you.
- ?Lv 710 years ago
You can't close unless both mortgages are satisfied at the closing. You need to find a personal loan and pay off the second before you even close. Depends on how much the second loan is for. 20k as a personal loan with no collateral is difficult unless your income is sufficient. Any larger amount is impossible.
- Anonymous10 years ago
i think that would help!
