VictorK Posted April 21, 2007 Report Share Posted April 21, 2007 Hello all. First of all, I would like to say that I have been lurking on these forums for a long time and I've finally decided to create an account. I'm not sure if you know the answer for this question, but if you do or know someone who does- I would greatly appreciate if you could direct me to him/her. I gave a second mortgage to my friend. The mortgage was for $100,000 under a house. Now, I need the money I gave back. My question is as follows; Can I sell this second mortgage or use the mortgage as a collateral for a new loan?Thank you very much for your time and I hope to hear from you soon. Link to comment Share on other sites More sharing options...
Ffico Posted April 21, 2007 Report Share Posted April 21, 2007 Hello all. I gave a second mortgage to my friend. The mortgage was for $100,000 under a house. Now, I need the money I gave back. My question is as follows; Can I sell this second mortgage or use the mortgage as a collateral for a new loan?Thank you very much for your time and I hope to hear from you soon.Yes, you can sell the mortgage - you won't get close to $100,000. No, that cannot be used to collateralized a new loan. Link to comment Share on other sites More sharing options...
woody Posted April 21, 2007 Report Share Posted April 21, 2007 can your friend refi.... and also what rate did you give him the loan at Link to comment Share on other sites More sharing options...
VictorK Posted April 21, 2007 Author Report Share Posted April 21, 2007 Thank you for your responses Ffico and Woody!An additional question I haveWhat is the procedure for selling the mortgage? A bit of additional information: - The mortgage I gave was for 10% per annum for 20 years- My name is written in the title of the house- I live in Toronto, Canada; therefore, Canadian rules apply. - The house was appraised for $729.000. The first mortgage was for $300,000 Link to comment Share on other sites More sharing options...
woody Posted April 21, 2007 Report Share Posted April 21, 2007 well i will be hinest im not really sure the rules on these type of deals up there but i would say his LTV is low enough that he should not have a problem refi the house paying you out of the second Link to comment Share on other sites More sharing options...
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