You many have dodged the foreclosure of your first mortgage, but be sure to avoid Second mortgage Foreclosure! Many people facing foreclosure on their primary mortgage do not consider the effect that defaulting on the second mortgage will have on their ability to keep their home, even after a modification on the first mortgage.
Second mortgage foreclosure is not a widely known problem because it hasn’t caught the attention of the media. However considering that 85% of all loans modified return to court because the affected home owners did not consider their second mortgages during the modification process. Second Mortgage Foreclosure can can be disasterous for the homeowner, jeopardizing the homeowners ability to keep his or her house.
