No - you get to just keep the money you got from your second loan for free - even if you sell it, or get foreclosed on.What are you - an idiot?The only way you can walk away free and clear is if you have enough equity in the house (and can find someone to buy the house for the amount that you need to pay off both the primary and secondary loans you have against it).If you are foreclosed upon, the bank will take it upon itself to sell the house, liquidate the loan, charge you foreclosure fees, and then if you still owe money after that is all said and done with (on either loan) you are STILL liable for it.Good luck - it sounds like you might need it sometime soon.
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