Posted by Karen on January 21, 2003 at 09:50:40:
are you speaking from experiencing? I’ve read all of the courses and I know that they say you can do it, however, has anyone had any success with doing it? and better yet, has anyone had any success with Beneficial Mortgage/Household finance?
2nd mortgage discounts - Posted by karen
Posted by karen on January 20, 2003 at 15:16:50:
Has anyone had much success with getting the 2nd discounted? Here’s situation, homeowner owes $152,000 on 1st, and $58000 on 2nd. Home appraises for approximate $223000. Homeowner is willing to walk away from property with nothing. Has anyone had any success at all in getting a 50% or more discount? Is that unreal? Any advice?
Re: 2nd mortgage discounts - Posted by Bill_AL
Posted by Bill_AL on January 20, 2003 at 23:20:49:
If the owner is sufficiently behind on payments and facing the probability of foreclosure many lender will give steep discounts to sell the second mortgage note, sometimes less than ten cents on the dollar.