Need money to pay off second mtg to complete re-finance

Dave W · Joined: 07 Jul 2005 Posts: 1

We have a home in Middle TN in an area that is growing super fast. We have been behind on the mortgage for some time. The previous owner has a second on the property for $16,500 and the 1st mortgage is $90,000. The house just appraised at $125.000 so we have a company that will re-finance at 80% or 100,000. We need to clear the second mortgage however before they will do that and the second mortgage holder will not budge, he wants to be paid now in total. We need to find a source for the $16,500 for a short term until we can get the re-finance done. We do have bad credit because of late pays etc and the house is currently set for a forclosure sale in a month. Any ideas? We are so close to saving the home but this $16,500 second is killing what we have worked out. Any help would be appreciated, we are despirate. Sad

The Mortgage-Pro · Site Admin Joined: 19 Jan 2005 Posts: 2248

I will be responding to your stop foreclosure mortgage refinance request via e-mail.