Posted on: 15th Jul, 2010 07:47 am
have a poor offer onmy house in Florida. no longer live there - now in Pa. offer will cover mortage loan but not the 87,000 eqyity loan with WF. Is it possible for WF to modify or change loan type? I know if I sell, the 2nd mortgage must be paid off but I can't afford to pay it now. Any help appreciated. Paul E
welcome guest,
it is true that if you sell off your property, then the second mortgage should be paid in full. as you're unable to pay off the dues in full, you'll have to negotiate with the second mortgage lender. it will be the lender's discretion whether or not he would forgive a portion of your loan so that it becomes affordable for you to pay off the dues.
it is true that if you sell off your property, then the second mortgage should be paid in full. as you're unable to pay off the dues in full, you'll have to negotiate with the second mortgage lender. it will be the lender's discretion whether or not he would forgive a portion of your loan so that it becomes affordable for you to pay off the dues.