2nd mortgage! Is it dead Bank forecloses on 1st? - Posted by English Jan

Posted by English Jan on November 27, 2000 at 15:13:27:

Hi everyone

Is a 2nd mortgage worthless when the Bank forecloses on the 1st?
this may sound simple to you …complex to me.

How do I approach an Original Owner(holder of the 2nd’s) who sold 3 properties to 1 Buyer, that I want to buy this useless 2nd mortgage?

Original Owner held a 2nd on each property, 2 of the properties have been foreclosed on and the 3rd one is in the process.

The Recent Owner is willing to work with me.

Thank you for any help recieved