Large bank had mortgage and after three years issued another loan for an almost equal amount. Fifteen years passed and I am headed for filing a Chapter 13. The second issued loan I presume is a second mortgage and subordinate to the first loan, mortgage. The second has not been paid for about a year and a lawyer tells me it can be stripped. I had been told that a few months ago the second loan was transferred to Freddie Mac. I was under the impression that Freddie Mac only buys first mortgages, unless, as they are in receivership, there are new special rules. Is there something I should know?
Thanks.
Thanks.