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Old May 23rd, 2012, 07:52 PM   #7
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File bankruptcy NOW, before they get a judgement against you. Even with an active suit, the court will put a stay on the case, and the bank who holds the second mortgage won't survive the legal process. If they try to balk, the Judge will tell them to stuff it. Primary Mortgages always trump secondaries, and if the primary lender gets its collateral back due to foreclosure or bankruptcy, the secondary cannot stand. This was directly from my banko attorney directly.
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