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
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!
I echo Bill's answer - and I'd add speak with your accountant and lawyer, all might have potential avenues to explore.
Hank
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
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