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Can I convert my 2nd mortgage to an unsecured loan?

Question : Can I convert my 2nd mortgage to an unsecured loan?
I am planning on selling my home. I have a 2nd mortgage through the same bank that holds my original mortgage. Would the bank consider converting the 2nd mortgage to a regular loan? My 2nd mortgage is only 13,000 but it does make a difference with the slow housing market.
2nd mortgage

Best answer:

Answer by Gaytheist Buddha
The sale of your home cannot be completed without paying off the 2nd mortgage. No, it is not possible.

This entry was posted by admin on September 30, 2010 at 4:46 pm, and is filed under Loans and Mortgages. Follow any responses to this post through RSS 2.0.You can leave a response or trackback from your own site.

Comments (3)
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#1 written by A 1 year ago

If you have any equity in your home talk to bank that can offer you a home equity line of credit. They have much lower interest rates than 2nd mortgages and are also interest only payments. For $ 13k you would be be paying less than $ 50 bucks a month. All these private loan companies charge interest rates of 8 to 10 percent on 2nd mortgage loans compared to a prime rate your bank would offer through a HELOC (home equity line of credit).

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