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Originally Posted by Jumbo101  Has anyone defaulted on the 2nd? |
I am going to throw my two cents into this mix. I stopped paying on my first (Citi) and my second (Chase). Chase served me a NOD with an intent to accelerate. I spoke with one of their representatives some time ago and they have a policy stating that foreclosure is a prerequisite for any settlement.
Your circumstances may be slightly different but I certainly do not see any second simply accepting partial payment while the first gets full payment. Doing so would simply reward bad behavior by encouraging homeowners to stop making payments with no risk of loosing their home. If both the first and second are non-recourse then your second should force foreclosure then negotiate with you and your first where both parties walk away with something rather than just letting your first take all the cake.