Thats like trading in a car that your upside down on.
Only way to get out of this pickel, is to call the nice folks who hold the mortgages, ask for a cahs discount. tell them youll pay them off now, but for a discount. Comming up with the money to do that is a whole nother post. Theres way.
Jason
parital or full loan forgiveness. Talk to 2nd lender, show the realities and how they have a choose of partial now or nothing later. Recently did an upside down deal where a national finance did NOT forgive 50% of the loan but removed the lein from the property and left it remain unsecured against the seller.
hth,
David