“Many of those original notes also had Lines of Credit secured by the former phantom valuation. If the first note is called, any second in excess of the original note is a full-on loss.”
Makes sense...
I know one guy with a first, second, AND a third totaling about $225K on a $130K house, that hasn’t made a payment in almost two years. And he brags about it.
Asking because it is setting alarm bells jangling in my head and am thinking maybe past time to make my home a self-sufficient “homestead” type farm. :(