[trying to get out]

...to the 2nd? We are not in foreclosure yet, however our 1st mortgage is fixed for now however next year it will become adjustable in September. Our 2nd is fixed for 15 years and is reasonable enough that we can afford it. We have succumbed to the notion that when the 1st becomes adjustable we will not be able to afford it. We want to walk away however need to know what steps to take. We really don't care anymore about our FICO because we will not be defaulting on any other debts (car loans, credit cards etc.), just the mortgage. We just want out!Ok....here are more details. We got screwed when we purchased this home. Our loan guy new we couldn't afford it and suggested we go with a 2nd as well. Also, the market value has dropped over a $100K in the past few months here in CA. We are upside down and short sales here are not easy because buyers are very picky these days. We have a 10month old baby and 2 dogs. It would be difficult to be able to even have people come look at the house. We are at fault for making this huge financial mistake.

[juniejuly]

You are still going to owe it.. Edit: my husband says this is not necessarily true. It depends on the deal you made with the mortgage companies. He says the 2nd mortgage co. could just be screwed. You better read the fine print on your paper work.

[mary z]

Someone should have told you that if you cannot afford your first mortgage do not take out a second.

[WylieEC]

I am not sure that you have put enough information about your situation to get solid answers. Usually, one mortgage has the foreclosure ability, the other can only sue you for the outstanding balance (which they usually do, if the oustanding balance is substantial i.e. 5 figures or more). If it were me, I would make sure I have exhausted all avenues of short selling with both mortgage holders.