What Happens....

What happens if you stop paying on a second loan but, keep the first current.?

Comments(3)

  • MAT3Sigma27th May, 2008

    The holders of the second can begin foreclosure proceedings.

  • boardwalk120110th June, 2008

    Where are you at with this?
    Has the 2nd started foreclosure yet?
    Where do you fit in?
    Mike R

  • apexnotes24th June, 2008

    At 550 with only 5% down, expect a 35% discount, based on a direct buyer quote I just received. That is no seasoning. Held for one year, add 10% if the credit is still sub-600.

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