Right now, the New York Times is reporting that mortgage lenders are afraid that a second wave defaults is on the way. And, while many feel that this second round of mortgage loan defaults will result in fewer failed home mortgage loans than the first wave, there will be some additional issues. Calculated Risk shares this view of what the next mortgage loan defaults will look like:

I think the second wave of foreclosures will be smaller in numbers, as
compared to the largely subprime first wave, but the price of each home
will be much higher. And the second wave will impact prices in the
mid-to-high end areas, as opposed to the subprime foreclosures
impacting prices in the low end areas.

So, watch out! Even those with good credit could find themselves in trouble with their home mortgage loans.