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What are my options if we can no longer afford the second mortgage?

The house I live in is owned by my parents and myself. About a 1.5 years ago, my mom needed money. I took a second mortgage out on my name. She promised she would pay the second mortgage. She was doing pretty good until I received a phone call asking for the payment. We are struggling as it is with the first mortgage. She now refuses to pay the second mortgage. About a year ago, she said that she would not let me sell the house. However, a few months ago, she claimed she "surrendered" the house to me. We don't want to live in the house anymore. What are my options?

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Anonymous

Asked by Anonymous at 4:58 PM on Jan. 5, 2009 in Money & Work

Answers (1)
  • Call the bank and ask about short selling it.
    http://www.howtodothings.com/real-estate/a3395-how-to-short-sell-real-estate.html
    Anonymous

    Answer by Anonymous at 5:33 PM on Jan. 5, 2009

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