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Posted by Larry on August 26, 2002 at 06:11:34:
I live in Iowa. I have a first mortgage of aprox $30,000 and a second mortgage of aprox $85,000. Yes the second is higher then the first.I refinanced for $89,000 and paid off a $30,000 line of credit that was never closed by the new mortgage holder, which brought the line of credit to first mortgage standing.then I maxed out the line of credit.I lost my job from illness and am on S.S. disibility now.I can't afford the payments .what would happen if I defalted on the second mortgage of $85,000, and kept paying the first.
