I’m underwater by about 70K on my house and am thinking of a strategic foreclosure on my 2nd mortgage only?

September 10th, 2010 | by admin |
heyjohn56 asked:


My house is worth 210K. I owe 230K on a 1st mortgage and 50K on a 2nd. I plan to retire and sell the home in 7-10 years but it looks like I have little chance of breaking even. What is my best option?

How To Choose The Perfect Fireplace
Share and Enjoy: These icons link to social bookmarking sites where readers can share and discover new web pages.
  • Digg
  • Bumpzee
  • del.icio.us
  • Facebook
  • Furl
  • Mixx
  • NewsVine
  • Reddit
  • StumbleUpon
  • YahooMyWeb
  • Google

  • What happens to a second mortgage when a home is purchased at a foreclosure auction?
  • What happens with the 2nd mortgage when I give the 1st mortgage holder a deed in lieu of foreclosure?
  • 40% of US underwater borrowers holding home equity loans
  • What are the rules for forclosure on a 2nd Mortgage?
  • Walk away from your mortgage!
  • I live in the state of Nevada, if my 1st mortgage put my property in foreclosure, what about my 2nd & 3rd mort?
  • Would you lend all your home equity to a family member trying to buy a house?

    1. No Responses to “I’m underwater by about 70K on my house and am thinking of a strategic foreclosure on my 2nd mortgage only?”

    2. By realtor.sailor on Sep 12, 2010 | Reply

      For your second mortgagee to invest another 230k to payoff the first mortgage that would have 280k invested in order for your second mortgagee to foreclose they would mean they would mean they are willing to foreclose they are willing to protect.
      The property do you think they will have 280k invested in order for your second mortgagee.

    Sorry, comments for this entry are closed at this time.