First mortgage VS. Second mortgage?

Question

I have a first and second mortgage on my home. My home is still worth more than I owe on the 1st, but comes up short when the 1st and 2nd are combined.

If I sold my home today, and the 1st mortgage was satisfied, but the 2nd wasn't, how would that typically play out?

Answer 1

You would have to do a short sale on the home, which the 2nd mortgage holder would have to agree to.

Answer 2

You cannot sell your home without paying off both mortgages, because the property would not be free of encumbrances for the new buyer.

Answer 3

You would have to pay the difference that you owe from your own pocket.