I hope that you avoided the repo of your primary mortgage, make sure to steer clear of Second mortgage Foreclosure! All to many people facing foreclosure on their first loan do not consider the effect that defaulting on the second mortgage will have on their ability to keep their home|stay in their home, even after a modification on the first mortgage.
Second mortgage foreclosure is not a watercooler problem because it hasn’t grasped 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.
