Strategic defaulters opt to continue paying on second liens

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What Happens with a Second Mortgage Default? If you can’t afford to make your monthly payments on both your first and second mortgages, you might be contemplating stopping payments on your second mortgage. (As a general rule, if you had to choose between paying your first or second mortgage, it’s always best to pay the first mortgage.)

At the end of 2012, a federal tax break for short sales and foreclosures is set to expire, which means you’ll be required to pay income taxes on the remaining loan balance. If you get lucky, you can use strategic default to your advantage, walking away from a poor investment now and saving for a better one years down the road.

Strategic defaults are heavily concentrated in negative-equity markets where home values zoomed during the boom and have cratered since 2006. In California last year, the number of strategic defaults was 68 times higher than it was in 2005. In Florida it was 46 times higher.

To make up for this deficit, governments issue bonds, or IOUs, and sell them to investors along with paying interest. the only viable option is default. This scenario is what economist claim to be.

Unlike borrowers who can’t afford to keep up with their mortgage payments, strategic defaulters have the ability to pay but choose to walk away. Valadez, a retired teacher, says he earns enough to afford the more than $2,000 monthly payments on his two home loans.

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Default rates of second liens are generally similar to that of the first lien on the same home, although HELOCs perform better than CES. About 20 to 30 percent of borrowers will continue to pay their second lien for more than a year while remaining seriously delinquent on their first mortgage.

An idea for how to deal with second liens – blogs.reuters.com – An idea for how to deal with second liens. By Felix Salmon.. the banks are quite happy when homeowners default on their mortgage – that frees up cashflow to continue paying the second-lien loan. Don’t get rid of the debt ceiling. Reform it.

As mentioned in the article, the recent declines in BDC stock prices has not been driven by fundamentals especially as high-yield default rates continue to decline as. debt investments of first and.