Second Mortgage Defaults Soar

Second mortgage defaults have sky-rocketed again.  The foreclosures, loan modifications and 1st mortgage delinquencies certainly have not helped the second mortgage payment records.  The 2nd mortgage delinquencies seem to break records each quarter, so there is no reason to believe the second mortgage defaults will slow down.  According to mortgage executive, Bryan Dornan, “The housing crisis created several phenomena’s that buried the second mortgage market indefinitely.”