What happens to foreclosuring with 2nd mortage?

if you lose your house to foreclosure, the lender holding the first mortgage will try to sell your house. If they get more than you owed them, the bank holding a second mortgage (the line of credit) will get whats left. And if it doesn't cover what you owe them, they will try and collect the difference. And each lender will charge you big bucks in fees. If you can, keep the house. Get on craigslist.org and look for renters if you have an extra bedroom available. Do not take on any new debt. Maybe get a second job. The real estate market is terrible right now and it may take another year or two to rebound, but it will, and if you go to foreclosure, you'll not only have rotten credit, you'll hate yourself for losing all that money. Also, hope obama wins the presidency--things will get better under him. If mccain wins we are headed for a 1930's style depression. Good luck.