It does offer some useful advice, but I think a chapter 13 should be looked at first.  If you are in default on the first mortgage, a chapter 13 can catch you up.  If the second mortgage is wholly unsecured, we can strip off the lien and pay it at a discounted rate, often for pennies on the dollar with no interest in many instances.  

A wholly unsecured second mortgage is where the balance on the first mortgage is greater than the value of the property.   We’ve seen many cases like this lately due to the collapse in real estate values over the last few years.

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