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Old 11-12-2011, 03:19 PM
 
Location: Here and there, you decide.
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First off 2nd mortgages are secured by the home however on your credit report they are revolving just like a credit card
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Old 11-12-2011, 04:00 PM
 
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Quote:
Originally Posted by airics View Post
First off 2nd mortgages are secured by the home however on your credit report they are revolving just like a credit card
The importance if this?
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Old 11-12-2011, 04:28 PM
 
Location: Here and there, you decide.
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Previous poster stated 2nd mortgages are not secured which is incorrect. Once you do a shortsale and didn't have the 2nd removed or forgiven, it goes on the cr as unsecured
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Old 11-12-2011, 04:35 PM
 
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Quote:
Originally Posted by airics View Post
Previous poster stated 2nd mortgages are not secured which is incorrect. Once you do a shortsale and didn't have the 2nd removed or forgiven, it goes on the cr as unsecured
Gotcha. Just as long as people realize an unsecured debt is just as collectable as a secured. The process is just different.
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Old 11-12-2011, 04:45 PM
 
Location: Here and there, you decide.
12,908 posts, read 27,998,514 times
Reputation: 5057
Previous poster stated 2nd mortgages are not secured which is incorrect. Once you do a shortsale and didn't have the 2nd removed or forgiven, it goes on the cr as unsecured
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Old 11-12-2011, 04:51 PM
 
8,419 posts, read 4,578,117 times
Reputation: 5594
Quote:
Originally Posted by airics View Post
Previous poster stated 2nd mortgages are not secured which is incorrect. Once you do a shortsale and didn't have the 2nd removed or forgiven, it goes on the cr as unsecured
Are you trying to be rude by just repeating your self verbatim or was that an accident?

You realize you are not the only one who can add to this discussion, right?
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Old 11-12-2011, 07:18 PM
 
35 posts, read 38,552 times
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Quote:
Originally Posted by clutchcargo777 View Post
Gotcha. Just as long as people realize an unsecured debt is just as collectable as a secured. The process is just different.
Is that true? Can't you go bankrupt on an unsecured debt?
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Old 11-13-2011, 01:33 AM
 
Location: Here and there, you decide.
12,908 posts, read 27,998,514 times
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Quote:
Originally Posted by clutchcargo777 View Post
Are you trying to be rude by just repeating your self verbatim or was that an accident?

You realize you are not the only one who can add to this discussion, right?
whatever... it was an accident from my phone.... for not being on here often, you seem to have an attitude...
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Old 11-13-2011, 11:03 AM
 
2,076 posts, read 4,074,309 times
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No, you can, assuming you meet bankruptcy criteria, which is pretty strict.

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Originally Posted by TheAdmiral View Post
Is that true? Can't you go bankrupt on an unsecured debt?
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Old 11-13-2011, 05:55 PM
 
8,419 posts, read 4,578,117 times
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Originally Posted by airics View Post
whatever... it was an accident from my phone.... for not being on here often, you seem to have an attitude...
My bad then. Peace.
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