Should I walk away from my 2nd mortgage

Emily: We all understand how you feel about being underwater, but it's never a good reason to just walk away. You need a good real estate agent to help you sell your property. One that knows how to navigate this even if short selling is your only option. If you cannot afford the home based on a drop in income, loss of job, etc. there shouldn't be a reason why your 2nd mortgage lender won't approve a short sale. However, if your income is the same and you have no dire financial need to short sell, that could be why they are denying it. They don't have to approve anything simply because you may be upset about the decline in home value. Keep in mind that if you do short sell (assuming you can get it approved), your credit will take a significant hit and you will not be able to purchase another for 3+ years, possibly longer depending on your circumstances.

Hi Emily, I may be able to shed some light on this. Send me a direct message if you'd like to discuss this offline. Thank you and good luck!

I don't know the rules for MO, but in some states the second mortgage lender can come after you for the amount you owe if the first mortgage forecloses. Make sure you know what you are getting into. At the very least, you should file a complaint with the CFPB against the holder of your second mortgage. Many times that simple act can get the bank to reconsider their position. You should be working with a professional Short Sale negotiator to guide you. It's not easy, but in the end, the second will usually give in and make a deal. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in California and Arizona ~ www.LoansA2z.com 888-889-9950

You CAN NOT walk away from a second mortgage in Missouri, Missouri law only protects you on the 1st... the 2nd mortgage even though attached to the property can still be collected from you..... The mortgage company WILL send to you collections and then if not resolved the WILL get a Judgment in court and you will be garnished for the payments. Unless you file bankruptcy there is no protection on a second unless you do a short sale and the second agrees to the terms...... SPEAK TO AN ATTY regarding this they are the only ones TRULY qualified to advise you of your legal obligations and rights..... Im in Kansas City and can discuss alternative options or refer you to a qualified lawyer.... John 816-412-3568

There are programs out there to help folks just like yourself. You may not have to get an appraisal to refinance your loan. It all depends on what type of loan you currently have and whom it's with. I would love to talk to you about your options. Feel free to contact me anytime. Ray at 254-449-7196 or www.bofecentraltexas.com

I would contact an attorney that deals with real estate and weigh your options

There are some more possible options. Contact me directly to go over them

There are some other options that may be available. Contact me directly to go over them

I guess you didn't look at the Amortize schedule as you should have. That's the nature of a 30 year mortgage. Takes 23 years before it applies more principle than interest. If the 2nd won't take a short sale, then you might reconsider when you cant pay the 2nd mortgage anymore. Then you will beg for a short payoff. You won't want to foreclose because you will then have to payoff the 1st...after they pay 10's of thousands of dollars on a foreclosure (total overhead cost nationwide is 30K per forclosure). However, you is obligated by contract to pay your 2nd mortgage otherwise the 2nd mortgage holder has every right to go after her in a legal manner.

I guess you didn't look at the Amortize schedule as you should have. That's the nature of a 30 year mortgage. Takes 23 years before it applies more principle than interest. If the 2nd won't take a short sale, then you might reconsider when you cant pay the 2nd mortgage anymore. Then you will beg for a short payoff. You won't want to foreclose because they will then have to payoff the 1st...after they pay 10's of thousands of dollars on a foreclosure (total overhead cost nationwide is 30K per forclosure). However, you is obligated by contract to pay your 2nd mortgage otherwise the 2nd mortgage holder has every right to go after her in a legal manner.