house is deeply underwater. bought a second home legitimately.
i plan on stop paying on the first home. but i have a second mortgage on the first home. should i keep paying it?
gmac owns first mortgage ditech owns the 2nd mortgagt on the first home.
i plan on stop paying on the first. but i have a second mortgage on the first home. should i keep paying it?
I don’t see any reason you should keep paying it if you are going to let the house go into default. Both mortgages will chase you for the balances due anyway.
You might want to followup this strategic default with a bankruptcy to discharge that first mortgage. I think it would be a smart idea to click here to find a local bankruptcy attorney and go talk to them about your plan before you default.
Please update me on your progress by posting updates here in the comments section of your question. I’m very interested in how this works out for you.