| Ever since the bottom fell out of the real estate | | | | should not worry about going into foreclosure. What |
| market a couple of years ago people have been | | | | typically happens when you cannot pay any |
| running into trouble trying to keep up with paying for all | | | | secondary, or even tertiary mortgages involves a |
| of the financing that they may have taken out over | | | | direct negotiation and settlement with the lender that |
| the past decade on their current property. With home | | | | holds the loan, and it is a rare occurrence for you to |
| values dropping significantly, people from all across the | | | | ever have to go into foreclosure. |
| country have been finding themselves "upside-down" in | | | | The bank knows that if you cannot pay your first |
| their homes and thus owing more than what the | | | | mortgage and your property does go into foreclosure |
| property was actually worth. The foreclosure rate | | | | that they will hold second position to the lender that |
| across the nation has been rising significantly ever | | | | holds your first mortgage, and they will thus only |
| since this trend began to take effect, and many | | | | receive money that is leftover after the first mortgage |
| homeowners are left not knowing what to do when | | | | gets paid off. They obviously don't want this to happen |
| they have a second mortgage or home equity loan | | | | because they can easily be left with nothing after the |
| that they know that they cannot afford. | | | | property is sold off, and it is thus in their best interest to |
| The good news is that you shouldn't lose your home if | | | | work with you directly so that you can both come to |
| only your second mortgage cannot be paid, and as | | | | some kind of agreement. |
| long as you keep paying your first mortgage you | | | | |