[quote=enron_by_the_sea]What if someone wanted to actually keep living in their underwater house and simply stopped paying the second while staying current on the first? Will the second TD holder have guts to foreclose?
(I understand that second will keep the lien alive..)[/quote]
I’ve seen some courthouse steps action of late that suggests this does happen. A home or condo worth decent $ goes back to bene for a $30k opening bid with no takers… that suggests it’s the second that is foreclosing.
Here’s an example from priorityposting.com yesterday.
Sale Date/Time: 11/29/2010 10:00 AM
Status: Revert to Beneficiary
Estimated Debt: $22,648.77
Bid Amount: $30,000.00
Sale Amount: $30,000.00
TS Number: OLSON, MICHAEL
APN: 415-162-25-43
Priority #: 766571
Property County: San Diego
Property Address: 840 Turquoise Street, Unit 309, San Diego, CA 92109
