The Sleepy Second Loans Woke Up

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by Tiffany R. Norman

I am seeing several clients that are current with the first mortgage and have equity in their property. They are behind on their second mortgage payments, and forgot the second lender exists. However, the lenders did not forget. Since there is equity and the borrower is behind on their payments, lenders are asking for the debt to be paid in full, at a reduced value, or they are moving forward with foreclosure. There is little I can do to defend clients in these cases. I believe this will be a new wave of foreclosure. If you have a second loan and are behind on your payments, contact TRN Law Associates for assistance.