second mortgage

[lilhammy]

What is the name of your state? NY

We have signed a purchase agreement to sell our home. The buyer is paying cash for the purchase and would like to close soon. I do have an attorney for closing but would like to hear some outside suggestions. Anyway, we will be getting enough money from the sale of the home to pay off the first mortgage, but we will be short $30k to pay off the second mortgage. Can we still proceed with the sale? Are there any other options available if we cannot obtain separate financing to pay off the mortgage? Are there any legal documents that can be signed or filed so the buyer is not held liable for the second mortgage? Can my attorney contact the 2nd mortgage company and request that the lien be transferred to some acreage that we own? Thanks for fielding so many questions!

[HomeGuru]

Originally Posted by lilhammy

What is the name of your state? NY

We have signed a purchase agreement to sell our home. The buyer is paying cash for the purchase and would like to close soon. I do have an attorney for closing but would like to hear some outside suggestions. Anyway, we will be getting enough money from the sale of the home to pay off the first mortgage, but we will be short $30k to pay off the second mortgage. Can we still proceed with the sale? Are there any other options available if we cannot obtain separate financing to pay off the mortgage? Are there any legal documents that can be signed or filed so the buyer is not held liable for the second mortgage? Can my attorney contact the 2nd mortgage company and request that the lien be transferred to some acreage that we own? Thanks for fielding so many questions!

**A: you will not be able to close if the 2nd mortgage is not paid off. Why did your attorney not tell you that?