Can you sell your house and payoff the 1st mortgage and get a personal loan for the second, stopping forclosur

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We are in a little over our heads and need to sell. We can’t get enough to pay both loans, but we do not want forclosure to happen as we have excellent credit. Has anyone been through this and how did it turn out? or if you know of a way to get out, please let me know. Thanks…………..

  1. Reply
    May 14, 2011 at 2:45 am

    perhaps you should ask your bank for a little more time to pay it off? Idk I’m new to finances and related stuff like credit cards / mortgages and all of that.

  2. Reply
    ed m
    May 14, 2011 at 2:58 am

    if you are just a “little over your hear” fight through it and down size — get the family together and tell them the difference between ” want and need” and for the next 12 months only needs will be taking care of — cell phones = interent – cable tv and any thing else will go until you get “under your head” — if you do this i do believe your will be happier and better off in the long run!!!

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