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Author: AJA1024 Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127801  
Subject: Any ideas on mortgages? Date: 2/3/2008 10:21 AM
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I recently got a new job and my wife will be getting a new this summer as well. However, these jobs will require us to move. We bought a house 2 1/2yrs ago for $126,000 and still owe $122,000 on it. Here's the bad part, we took out a second mortgage of $34,000 to pay off some debt and do some home improvements...still owe $30,000 on that. Total of $156,000 between the two mortgages. Our house should be able to sell anywhere from $130,000-140,000. So we will need to come up with $16,000-26,000 to pay the rest of the second mortgage off. Any ideas on how I can pay off that second mortgage? We don't have that much in savings to put towards it. My only thought was to put some of it on credit cards...but we still wouldn't be able to pay all of the second mortgage off. Also, I don't know if there is a way to convert our second mortgage into a normal loan(not attached to the house) that I can make payments on for 5yrs or so??? We have to move...so selling the house is a must, I just don't know the best way to get out of the mortgages? The second mortgage is the biggest problem..we will be able to pay the first one off. I'm hoping to pay the second one, somehow,with as little damage to my credit as possible.
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