Second Mortgage

You need to transfer your second mortgage to your new home so that you can lower my asking price for my unsold home. 

So you may be paying two mortgages and a second mortgage. You must be wondering if there was a way to transfer your second mortgage to your new home? You must have just started living in your new home for 4 months and finances are getting tight and the equity is low to none in the new home.
You’re in a situation that a lot of people are facing right now and there are more than a few solutions to your problem.

1. You can obtain a loan for 105-125% of you new homes value. This may or may not be enough to pay off your existing second mortgage but it may help pay down your second mortgage enough to lower your asking price. Keep in mind that the rate associated with this may be higher than what is typical for a second mortgage on a home with more equity.

2. You may, on the other hand, want to consider a short sale on your old home. A short sale is where you contact the bank on your second mortgage and have them agree to take less than what you owe. This may affect your credit in a negative way, however, it won’t be as bad as a foreclosure.

3. Your third choice, is to refinance your old home and get the cash you want/need and then rent it out. This might have some tax benefits that you should talk to a CPA about. If you got into a good loan, then you would not only have your equity but you could rent out your old home for more than your monthly mortgage obligation.