Alternative Investments at www.HardMoneyMi.com
Your 2nd is a lien already, a 2nd mortgage lien. If you stop paying on the 2nd they will file foreclosure and can take the property subject to the 1st lien. The lenders can send you a 1099 for any loss they take from the sale of the house before or after the foreclosure and then you will have to deal with the IRS because you'll be taxed on the lenders loss. Do everything you can to keep paying or rent out the house.
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