Posted on Monday, April 12, 2010
So far the estimated total is that there are about $1 trillion in second mortgages out there. About 10% of the entir emortgage nut. Many homeowners are defaulting on their first mortgage but paying the second because second payments are often owner, maybe they know second lenders ar emroe aggressive, they know they will need cooperation from their second to do a forelcosure alternative and only the first lenders are really cooperating with those. Or maybe their lawyers are telling them not to pay the first but keep paying the seocnd (perhaps for some of the reasons above).