Strategic defaulters opt to continue paying on second liens

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They’re being held on banks’ books at what looks like extremely inflated values, and those banks are also overwhelmingly the entities servicing first-lien mortgages. As such, the banks are quite happy when homeowners default on their mortgage – that frees up cashflow to continue paying the second-lien loan.

What Happens with a Second Mortgage Default? If you can’t afford to make your monthly payments on both your first and second mortgages, you might be contemplating stopping payments on your second mortgage. (As a general rule, if you had to choose between paying your first or second mortgage, it’s always best to pay the first mortgage.)

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Wow, this is generating a lot of discussion! Few banks are willing to consider a modification if you are able to continue to pay. At the end of the day, Walkaway, or Strategic default is defined in this sense by people having no issue paying, but deciding not to anyway Example, John buys a house in 2006 for $200,000.

'Strategic Defaulters' Skip Mortgage Payments as Home Values Tumble This option is called a strategic default because you could still make the payments on this mortgage, but have decided it’s not in your best financial interest. A number of real estate professionals have written about this option, with some maintaining that it is immoral and harmful to the community.

"I knew my only clear option was strategic default, so I prepared myself for that and I made sure I had money in the bank," he says. He says he kept up with homeowners association payments and.

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Strategic Defaulters Be Aware : Lenders Will Go After Borrowers Personally For unpaid 2nd mortgages aka Junior Liens The Wall Street Journal’s recent report Second Mortgages Vex Borrowers by James R. Hagerty outlines lenders decision to go after borrowers for unpaid second mortgages.

This leaves the Group with a simplified, stronger balance sheet and removed the lien over the Group’s assets. The Group will continue to target new strategic commercial relationships in the second.