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Strategic defaulters opt to continue paying on second liens

What Happens with a Second Mortgage Default? If you can’t afford to make your monthly payments on both your first and second mortgages, you may be contemplating stopping payments on your second mortgage. (As a general rule, if you had to choose between paying your first or second mortgage, it’s always best to pay the first mortgage.)

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Refinancing now is generally a wonderful idea as jumbo loans are back to all time lows in 2016 due to all the volatility in the stock market post Brexit. That said, what happens if you are so underwater on your mortgage that you feel it doesn’t make sense to continue paying anymore because you don.

Strategic defaults are when borrowers who owe more on their homes than they’re currently worth choose to stop paying their mortgage but continue to meet other financial obligations, according to a.

But a second mortgage of $80k, $100k, even $250k or more is a totally different story, and such high balances obviously make bankruptcy a compelling option for consumers. The critical factor is that second liens can be stripped in Chapter 13 bankruptcy (i.e., converted to unsecured debts and included in the bankruptcy plan).

Strategic default is when a borrower decides to quit paying his or her mortgage-even if he can continue making the payments. Don’t do this until you get legal counsel. Why would a borrower choose "strategic default"? Strategic default is a good option to consider when the mortgage note balance is significantly higher than the value of.

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Even if a lender cannot collect on a second mortgage through foreclosure or sale of the property, the lender has a right to sue the borrower personally. A second mortgage is a debt obligation that is secured by a piece of property and secured by a borrowers personal promise to pay.

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