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That is a very doable strategy and one my partner has used many times. The second wont foreclose if they are completely underwater particularly if it is a recourse loan. If they do, they give up their right to recourse and get nothing in the process.
In many if not most cases, the 2nd will eventually come to the table with an offer to settle for pennies on the dollar 6 to 12 months down the line. You have to be willing to trash your credit but if you are, it is possible to create a short pay situation on a 2nd for a nominal amount.
