I want to sell my home and my pre-payment fixed-rate first mortgage is due. I also have a second mortgage. Do I have to pay off the second mortgage or can I just continue to pay on it monthly?
If you don't pay off the second mortgage, the buyer won't be able to receive a clear title to the property. That would mean the buyer would not be able to obtain financing to pay for your house in the first place.
You'll have to pay off both mortgages in connection with the sale of your home. If the balance of your second mortgage is low enough, you may be able to pay it off with an unsecured loan for the same amount, and make payments on the new loan after the house is sold. That may be the only option other than paying off both loans from the sale proceeds, but there is a strong possibility you'd pay a higher interest rate on the unsecured loan than you are now paying on the second mortgage.
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If you don't pay off the second mortgage, the buyer won't be able to receive a clear title to the property. That would mean the buyer would not be able to obtain financing to pay for your house in the first place.