Posted on: 27th Jul, 2009 03:14 pm
So my husband owns a home with a first balance of 136000 and a second of 41000, The value is probably worth 80,000 - 90,000 we don't want to walk away but we want out and are willing to pay for our debts, we just want out, the right way. Our payments are on time and uptodate but we need a bigger house and this one is in a really bad area. Is it possible to sell the house and negotiate new terms of a loan to pay for the difference which will be about 80000 left over? I am in AZ by the way.
Hi anotherruiz!
Welcome to forums!
You can sell off the property but negotiation for new terms to pay off the mortgage debts would be difficult for you. It will depend upon the discretion of the lender whether he would negotiate for a new term. As you sell off the property, the lender would want you to immediately pay off the mortgage debts.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You can sell off the property but negotiation for new terms to pay off the mortgage debts would be difficult for you. It will depend upon the discretion of the lender whether he would negotiate for a new term. As you sell off the property, the lender would want you to immediately pay off the mortgage debts.
Feel free to ask if you have further queries.
Sussane