I have a question with regard to the comment “If you have two mortgages against your home, (as sdrealtor posted earlier) you MAY be able to negotiate the second out of the picture or basically pay it off for pennies on the dollar if not less.”
Isn’t the second mortgage always a recourse loan? If so, why wouldn’t the lender go after the borrower personally? I would think the stockholders would demand this, especially in light of the modifications to the bankruptcy laws.
