There really is no advantage to paying on a second mortgage if you aren’t paying on the first mortgage. But you always need to be sure that you are saving the money you didn’t pay to the second mortgage or the first mortgage holder. While it’s never good to miss any payments, paying on a second mortgage while you don’t pay the first mortgage doesn’t really accomplish anything useful toward saving your home.
Many people make payments on second mortgages while not paying first mortgages because they really don’t want to be behind on any bills, and therefore, pay the second mortgage despite the fact that it uses precious resources and won’t help save their home or get a modification. Although long-term solutions require relief on all debt fronts, mortgage companies often ignore second mortgages or other debt entirely when they review applications for modification.
Saving money by defaulting on a second mortgage or credit card obligations may be a very positive move for people seeking to save their homes and/or obtain a modification. As with many other financial matters, any attempts to save a home or missed payment should involve the assistance and advice of an experienced professional and a well-thought-out plan for financial recovery.