How To... in Atlanta>Question Details

Daniel99, Home Seller in Atlanta, GA

My job has been transferred to a new city therefore I am transferring as well. The good news is my employer will purchase my home at fair market

Asked by Daniel99, Atlanta, GA Sat Oct 31, 2009

value. When I purchased my home I did the 10/10/80 plan. The offer from my employer covers 100% of the 1st loan and 20% of the 2nd long. I want to convert the remaining portion of the 2nd loan to a personal loan or some other type of loan. I have good credit. My salary is $140,000. What's the chance of getting the 2nd loan converted. Presently my wife's salary is $60,000. Once we are rid of the home we plan to rent for a year before purchasing a new home. The time will allow us to pay down our debt $25, 000. Walking away is not an option for me!

Help the community by answering this question:

Answers

3
Daniel,

My first option would be to talk to your current mortgage holder of the second and see if the will release the lein with a payment of 20% and make the remaining balance a low interest rate, unsecured loan for 24 to 60 months..

Your second altermative is borrow against your 401K, surely at $200K household salary you have some retirement savings.

If the first two don't work, then call GA Federal Credit Union, they are still making some unsecured loans, and they offer good checking and savings terms. They are a member of the credit union service centers, so you can make deposit all over the united states.

Your last resort would be to transder the balance to a credit card to get out from under the mortgage and keep your creidit intact.

Best Wishes,

Larry Delbridge
http://www.FirstPrimSouthMortgage.com

.
0 votes Thank Flag Link Tue Mar 30, 2010
I echo Bill's answer - and I'd add speak with your accountant and lawyer, all might have potential avenues to explore.

Hank
0 votes Thank Flag Link Tue Nov 17, 2009
Talk to your mortgage company about converting the remainder to a signature loan. If they won't cooperate, see if you can get a signature loan where you bank.

One of the mortgage professionals can probably advise you better than I can on your situation.

How about it Mortgage Guys? Got any suggestions?

Good Luck
0 votes Thank Flag Link Sun Nov 1, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer