help!

[schnick]

Can I sell my house even if I owe more than its worth ? I have a second mortgage and between the two I am about 5000 to 8000 short. Is it possible to sell and not foreclose. What happens to the monies owed to the second mortgage company if I am short ?

[willtygart]

the second mortgage company owns part of your house...they have a lien on it..so you can't sell it from under them. As a matter of fact.......oh boy...lemme try to make sense of this....if you only paid your first.....and your second foreclosed.........then the second could buy out your first and then foreclose on your home all together..with fees and all.....any equity you MIGHT have would be chewd up. My suggestion is talk with the second..and the first mortgage company and try to stop the foreclosure if you can via lower rates or something. Good Luck my friend and if you need help getting through this keep posting or email/call me.

[BizCredit]

if you submit aletter of hardship, you may be able t. it's called a "short sale". if done right, you may even be able to walk away with a few dollars.. ( afew, not a LOT).