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I was required to pay off my second mortgage back in November 2010. The amount was around $45000. I didn't have that much of money. So, I defaulted on it. My lender informed me that he is going to foreclose my home. My first loan amount is nearly $650,000. The fair value of my house is 550,000. Can my second lender foreclose my home? What should I do? I have applied for loan modification for the first loan.

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