Second mortgages are often unsecured loans, just like home equity loans; this means that when home prices have plunged, the owner is stuck with a loan thats not backed up by any tangible asset. Unsecured debts like this can be eliminated in Chapter 13 bankruptcy, which strips any excess unsecured debt that exceeds the actual value of your home. Your second mortgage would exceed the actual value of your home, and therefore that debt would function like any other debt (credit card, etc).
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