Over Financed Home - Posted by Tim

import · March 24, 2000, 7:37am

Posted by Jason_VA on March 24, 2000 at 10:00:31:

Thats like trading in a car that your upside down on.
Only way to get out of this pickel, is to call the nice folks who hold the mortgages, ask for a cahs discount. tell them youll pay them off now, but for a discount. Comming up with the money to do that is a whole nother post. Theres way.
Jason

import · March 24, 2000, 7:37am

Posted by Tim on March 24, 2000 at 08:37:27:

Is there any way to make money on a house that has a 1st and 2nd mortgage that combined is higher than the market value of the house?

import · March 24, 2000, 3:24pm

Yes, but not easy to make money on a Over Financed Home - Posted by David

Posted by David on March 24, 2000 at 16:24:24:

short sale.
parital or full loan forgiveness. Talk to 2nd lender, show the realities and how they have a choose of partial now or nothing later. Recently did an upside down deal where a national finance did NOT forgive 50% of the loan but removed the lein from the property and left it remain unsecured against the seller.
hth,
David