In my days of title searching, I found this lender was fond of giving a second mortgage for 80% of the home's value. The first mortgage, which was generally for 125% to 150% of the appraised value, seemed to be irrelevant.
in reference to:"But often all it takes is a decline of 20% in a home's value to wipe out a second mortgage, which is typically piled on top of an 80% first mortgage."
- The deal: Junk mortgage story just gets worse - Dec. 1, 2009 (view on Google Sidewiki)
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