Why default on only 1 of your 2 home loans?
I’m looking at a property in pre-foreclosure. It has 2 loans, the 1st at $202,000 (2003) and a 2nd at $245,000 (2006). Only one is showing default. Assuming ForeclosureRadar’s data is correct, why would someone just default on one for 4 months and not the other?
Unless they were planning on catching up. Phase 1: Denial….
Seriously, any other reasons?
Tags: default, home, Home Loan, Loans, Only'
Don’t assume ForeclosureRadar’s data is correct. Not all lenders or debt servicers update their records every single month and sometimes it can take several months before a home loan default to show up. Chances are, if one is in default, so is the other — the other bank just hasn’t caught up with them yet.