I am going to sell my home with a 1st and 2nd mortgage on it. My house will
I am going to sell my home with a 1st and 2nd mortgage on it. My house will
I am going to sell my home with a 1st and 2nd mortgage on it. My house will sell for the value/pay off of both loans, but I haven't paid my 2nd mortgage in about a year and they charged it off. I was wonder how I can negotiate a lower payoff on my 2nd mort. so I can walk away with some money in my pocket from the sale? My husband lost his job over a year ago and that's why I fell behind on the 2nd Mortgage. I haven't put my house on the market yet, I wanted to wait until I had more info on "how I can negotiate a lower payoff to my 2nd mort. company" so they will release the title at closing. I owe my 2nd mort. company about $100K. What do you think they will negotiate down to?
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It's not possible to answer that last question. Get a reasonable handle on the value of the home and take that with you and negotiate the best you can with the lender. Most lenders are happy in these markets to get paid as much as they can and call it a day. What they'll do about a deficiency is strictly up to them and whatever the appropriate law says they must do.