Understanding a 2nd home loan.

If there isn't enough cash from the sale of the home, the second mortgage doesn't get paid. New York Home Mortgage. It's correct that getting a subprime credit mortgage isn't necessarily the best or fastest mortgage out there, but you can still buy your own house even with blemished credit. Subprime credit should not prevent you from getting a house loan. You can get a mortgage, even if you have had a bankruptcy or a foreclosure. There are many subprime credit mortgage options available for the credit challenged and even folk with no credit at all ,eg. Com we help you in finding out if your credit is really as bad as you suspect it is. If there isn't really enough cash from the sale of the home, the second mortgage doesn't get paid. This is the fact that a heavy risk borrower with a blemished credit history gets charged a higher rate of interest than a low risk borrower with a strong credit history.