Most young people, as well as old people, have a mortgage on their home. With the prices of homes at an all-time high, very few people can pay cash for their home like they did many years ago. Some people even have a second mortgage on their home. A second mortgage is not a lot different from a first mortgage, but a foreclosure of second mortgage can be slightly different from a first mortgage foreclosure. The results, however, are the same-homeowner losing part of their home- with a foreclosure second mortgage or first mortgage.
Some people have not even heard of a second mortgage or don’t understand why a person would have two mortgages on their home. There are a few good reasons. With economy as it is today, many people have difficult time saving money. This makes it difficult if an unexpected expense comes up that requires cash. Or perhaps you want to take the family on that long awaited vacation, but don’t have the cash.