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Reply #4: One thing the article doesn't mention? [View All]

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louis-t Donating Member (1000+ posts) Send PM | Profile | Ignore Fri Mar-12-10 02:53 PM
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4. One thing the article doesn't mention?
The 2nd lien is the "junior" lien. If the home goes to sheriff sale or the owner does a short sale, the second is almost worthless. I see payoffs of $2,000-3000 on $50,000 2nd liens. Title cannot be cleared if 2nd doesn't sign off.
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  -Why the banks can't modify the mortgages BR_Parkway  Mar-12-10 01:20 PM   #0 
  - Problem is if the economy shapes up housing will eventually recover  dkf   Mar-12-10 01:37 PM   #1 
  - Housing will never "recover" - it only got to where it did by speculation  BR_Parkway   Mar-12-10 02:17 PM   #2 
     - Housing is already recovering here and where we are looking to  leftofcool   Mar-12-10 02:20 PM   #3 
     - There are areas of the country that weren't hit as hard as others  AllentownJake   Mar-12-10 03:01 PM   #5 
     - It took 8 to 10 years for Hawaii to recover after the Japanese bubble  dkf   Mar-13-10 02:19 AM   #7 
  - One thing the article doesn't mention?  louis-t   Mar-12-10 02:53 PM   #4 
  - A junior lien gets wiped out in a foreclosure or sherrif's sale - there's  BR_Parkway   Mar-13-10 06:30 AM   #8 
     - Absolutely correct. Thanks for filling in the blanks.  louis-t   Mar-13-10 12:32 PM   #9 
  - I wonder why my mortgage holder can't make a deal with me...  ljm2002   Mar-12-10 04:34 PM   #6 

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