mortgage refinancing question … Need help?

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2 years ago I bought my house for 370K. We have an agreement for payment of land means that my name will be added to the title, but the original owner finance the loan. The original owner had a mortgage 1 and 2. Written in the agreement a clause that I have my own financing within 24 months and take its name from the Titel.Hier where it is difficult. I recently received a certificate for the home, whose value has fallen on the market. The present value is about 320K. I can do a VA loan, which will cover 100% of the estimated value of at 320th Can the mortgage company’s current bank holding the second subordinated loan? I can not understand how to get financing without 50K to put on the table. If the 2 Lender has agreed to a parent, they would be ready at 100% value for the house are comments sein.Alle hilfreich.Die 178K and 179K is the first second = 358k total mortgages outstanding. I have a way to pay my own funding for this amount, or 320 of the VA and get the second to make sure Figur.Vielen thanks for all the comments. I will request an extension of the agreement and include the short sale. How could he that a short sale, if it does not pay the second mortgage. The current value could be due on 2 30K.

3 Comments
  1. Reply
    ?
    May 4, 2011 at 12:13 am

    Is the total current note $ 370k?

  2. Reply
    Beverly S
    May 4, 2011 at 12:46 am

    Sounds like they (2nd) are already over 100% LTV- but.. they will not subordinate since the note is in the current owners name, not yours. He cannot legally sell you the property without paying off both loans in full. They have a due on sale clause in the loan terms. Even if you were the original mortgagee though they would not subordinate to place themselves at greater risk.

  3. Reply
    Noneya
    May 4, 2011 at 1:00 am

    Hi,

    You really only have 2 options at this point.

    1) Extend the land installment agreement.

    2) The seller will need to negotiate a short sale and sell the place to you at market value.

    As another poster pointed out, there is no way for you to get the current 2nd mortgage to subordinate because it’s not your loan and the seller can not sell you the home and get the 2nd to subordinate due to the due on sales clause.

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