Posted on: 31st May, 2007 12:45 pm
a friend of mine tried to sell her home but couldn't because she has a second mortgage on the property that would make the sell worth more than the home is worth. the problem is that she was in the process of buying a condo before she realized that the appraisal price was not as much as her 1st and 2nd mortgages and she closed on the condo. now she has two mortgages and is on the verge of having to file bankruptcy. i'm considering buying the property from her but don't want to pay more for it than it's worth.
is it possible for the 2nd mortgager to quit claim their portion and continue to recieve payments from her, while i buy the property for the remainder of the 1st mortgage?
is it possible for the 2nd mortgager to quit claim their portion and continue to recieve payments from her, while i buy the property for the remainder of the 1st mortgage?
Hi Pat,
Welcome to Mortgagefit discussion board.
It would not be possible that second mortgage holder will agree to remove the lien they hold on the home and continue to receive the payments from you.
The home works as a collateral for them and is a assurance that if they do not receive the payments they will be able to recover their dues by selling it.
You are saying that they will agree to show the second mortgage paid off and still continue to receive the payments from your friend. What is the assurance for them that she will continue to make the payments? What they will do if she stops the payments?
Thanks
Blue
Welcome to Mortgagefit discussion board.
It would not be possible that second mortgage holder will agree to remove the lien they hold on the home and continue to receive the payments from you.
The home works as a collateral for them and is a assurance that if they do not receive the payments they will be able to recover their dues by selling it.
You are saying that they will agree to show the second mortgage paid off and still continue to receive the payments from your friend. What is the assurance for them that she will continue to make the payments? What they will do if she stops the payments?
Thanks
Blue
"Is it possible for the 2nd mortgager to quit claim their portion and continue to recieve payments from her"
Any mortgage company will not agree to such an agreement. They will not like to lose their legal hold on the property which a mortgage lien provides.
Any mortgage company will not agree to such an agreement. They will not like to lose their legal hold on the property which a mortgage lien provides.
Hi Pat,
It is not possible. Do not go for it. In future you may be in trouble.
It is not possible. Do not go for it. In future you may be in trouble.
hi pat,
chances are rare :(.
you can try this once and check out whether it clicks you. the property which you are looking to buy is having two mortgages. is both the mortgage from same lenders. if it, then you can have a talk with that lender. and explain him all the scenario. if agrees, then you can refinance the mortgage in your name canceling both the earlier mortgage on it. along with you need to have a talk with your friends too, if she agree then i think it possible.
let me know what talk you have with them.
thanks
chances are rare :(.
you can try this once and check out whether it clicks you. the property which you are looking to buy is having two mortgages. is both the mortgage from same lenders. if it, then you can have a talk with that lender. and explain him all the scenario. if agrees, then you can refinance the mortgage in your name canceling both the earlier mortgage on it. along with you need to have a talk with your friends too, if she agree then i think it possible.
let me know what talk you have with them.
thanks