What happens with the 2nd mortgage when I give the 1st mortgage holder a deed in lieu of foreclosure?

I am unemployed and cannot pay the mortgage payments. I have the home on the market but it will not sell for the loan amount. I was thinking of giving the 1st mortgage holder (80%), a deed in lieu of foreclosure. Will the second mortgage holder (20%) be able to get any money or be able to file a judgment against me as home owner? I live in the State of Arkansas.

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Should I get a fixed rate mortgage if I plan to remodel right away?

Hi all,

I am planning to buy a house with 5-10% down, but I want to remodel the kitchen and bedroom within the next two years. I expect this will add to the value of the house, making my loan-to-value ratio closer to 80/20. Do you think I should get a mortgage with an ARM, if it has a better rate, and then refinance once the remodeling is complete? Any other suggestions for the mortgage?

What does it take for a mortgage company to set a closing date on a home sell?

My problem is that we have a contract on our house, the person who offered on the house has submitted all the necessary paperwork to their mortgage company, and has received her commitment letter back from them however, a closing date has yet to be set. My realtor tells me that the ladys application is through with the underwriting, the commitment letter from the bank was received last week and we are just waiting on the mortgage company to get all of the numbers together and email that info to the title company. We have been waiting a week today, why can no one give us a closing day? How long should this take? We feel like something is wrong but no one will tell us? Any opinions?

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