Home Equity Loans – second mortgage

amanda p asked:


Our home is in foreclosure and to help us save it, my parents want to take out a home equity loan. The thing is the bank gave us a payoff amount of $205,000 for both loans ($165,000 for the 1st and $40,000 for the 2nd). My parents want to pay the 1st mortgage with the loan and we will leave the second mortgage with our mortgage company. I was wondering how that would work as far as the Deed goes? Is it even a possibility? We just want to keep this home and if they were able to do that, it would make our payment very manageable, since we are caught up in the whole sub prime mortgage problem. Any guidance would help. Thanks so much!

MELVIN

boddymood asked:


I am divorced and the house was left to me to deal with. I have had the house on the market since Oct. with not even an offer to date. I really want to get out of this house since my ex wife still lives at the end of my road. I also can not afford the mortgage payment, it is 1200 a month between the first and second. There is plenty of equity in the home. What would be some options that I could take to get rid of this short of forclosure

MARC