Posted by dutch on May 04, 2006 at 14:20:47:
Yes.
Best option, purchase the 2nd (at a discount if you can) and continue with the foreclosure.
Dutch
OKHomesavers
Foreclosure opportunity or not? - Posted by Fred
Posted by Fred on May 03, 2006 at 22:05:48:
I found notice of a foreclosure sale… The property is a single family house worth approx 350k. The owner has a 130k first mortgage and a 40k second mortgage… The second mortgage is in foreclosure… Is there an opporutnity for me to capitalize on this foreclosure?
Re: Foreclosure opportunity or not? - Posted by The Frisco Kid
Posted by The Frisco Kid on May 06, 2006 at 20:29:38:
Fred
Are these the only liens? If so, go for it if you have the cash to cure the second, then buy subject to, then refi or sell. Of course there are other options too but talk to the owner quickly, if foreclosure has started other investors will begin to show up and you will need to stand in line.
Re: Foreclosure opportunity or not? - Posted by Natalie-VA
Posted by Natalie-VA on May 04, 2006 at 16:50:19:
Fred,
Talk with the owner and see if they’ll sell it to you.
–Natalie