Asked by Interesting Situations, Phoenix, AZ • Fri Jan 2, 2009
Came a cross a situation where a home has was purchased with an 80/15, but the current value fo the home is less than even the outstanding balance of the first lien mortgage. Borrower suggested stopping payments on the second since it seems unlikely that the second lien holder would want to increase thier losses by buying out the underwater 1st lien to foreclose. Borrower thinks this might be a way to force some kind of modification involving loss sharing for both the lender and the borrower?
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