By Rose Mary from Jackson, MI
You need a lawyer. Also, a friend of mine could not afford to keep her house after her divorce. She could not sell it for what was owed so instead of going through foreclosure a lawyer arranged something where she essentially gave the house back to the bank and it was not quite as bad on her credit as a foreclosure. Maybe you could do something like this.
This is one you really should ask a Real Estate Lawyer about. Most will give a free consultation.
Since you say it's two different mortgage companies I doubt they can take the equity from the other but they might be able to put a lien on it :-( Please call two or three RE Lawyers and get their advice.
Add your voice to the conversation. Click here to answer this question.