Soft second mortgage, is a second mortgage with payments that are forgiven, deferred, or subsidized in some fashion, generally until resale of the mortgaged property.
Example, a home for sale for $100K, you qualify for $50K, a second mortgage is granted, based on you remaining in the home for a certain number of years, making timely, payments on your first mortgage. At the end of the #of years, your second mortgage is forgiven. You never have to pay on it as long as you have remained in the home.... more
I am terribly sorry to hear you are in this situation. This is not something Realtors should advise you on since we are not attorneys. I recommend you contact an attorney for advise on this matter.... more
I am an agent in New Orleans, and having helped buyers and sellers in the foreclosure and short sale process, I would love to help you out. Please shoot me an email with the criteria you are looking for and I will send you some options. firstname.lastname@example.org
Thank you and I look forward to working with you,
Ryan Haro... more