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With most short-sales and foreclosures happening in areas where the market is already depressed more the 20%, most 2nds are already expecting to lose their entire investment, especially in hard hit and overpriced areas such as CA. Figure with a 100% financed property….80% 1st and 20% 2nd, the 2nd holder has no equity to claim. The escrow company is obligated to pay the 1st loan position before the 2nd.