I have 2 mortgages and a second mortgage on my

[Kimi]

unsold house what are my options to transfer my second mortgage I need to transfer my second mortgage to my new home so I can lower my asking price for my unsold home. I am currently paying 2 mortgages and a second mortgage. Is there a way to transfer my second mortgage to my new home? I have only lived in my new home for 4 months and finances are getting tight. The equity is low to none in the new home.

[Head West]

Sure give me a ring. 1-800-766-5185 ext 4439.. Im a mortgage consultant.

[kevingeorgecampbell]

You're in a situation that a lot of people are facing right now and there are more than a few solutions to your problem.

1. You can obtain a loan for 105-125% of you new homes value. This may or may not be enough to pay off your existing second mortgage but it may help pay down your second mortgage enough to lower your asking price. Keep in mind that the rate associated with this may be higher than what is typical for a second mortgage on a home with more equity.

2. You may, on the other hand, want to consider a short sale on your old home. A short sale is where you contact the bank on your second mortgage and have them agree to take less than what you owe. This may affect your credit in a negative way, however, it won't be as bad as a foreclosure.

3. Your third choice, is to refinance your old home and get the cash you want/need and then rent it out. This might have some tax benefits that you should talk to a CPA about. If you got into a good loan, then you would not only have your equity but you could rent out your old home for more than your monthly mortgage obligation.

I hope this helps. If you need more info, feel free to email me for my phone number.