Can You Get Away With Not Paying a Second Mortgage?
Many of the people who are in serious financial difficulty with their home loans have both a first and second mortgage. Faced with foreclosure and perhaps even bankruptcy, some may wonder « what if I just stop paying the second mortgage? What’s the worst they can do? »
Like a lot of attempts to game the system, this is a plan that sounds clever on the surface but in practice is a really bad idea. True, the holder of a second mortgage is in a subordinate position to the primary lender, and in a foreclosure, doesn’t get a dime until the primary lien is paid in full.
DATE: Août 5, 2024
AUTHOR: admin