NEED HELP - Posted by ChrisW

Posted by joe-ga on December 22, 2000 at 13:46:59:

Be sure to do all the title search on this.I have found all kinds of leins and things on the drounding homeowner.

NEED HELP - Posted by ChrisW

Posted by ChrisW on December 21, 2000 at 20:20:46:

I have a pre forclosure deal where the owner is willing to deed property to me but there is not much eqity. 1st mortgage of 56k and 2nd of 12k (house worth between 65-70). I can most probably pay off the 2nd mortgage holder with a couple thousand dollars, but my question is about the 1st mortgage holder. Will they have any williness to discount the amount owed when they would be able to recoup most of it through sherrifs sale? Thanks for any input

Re: NEED HELP - Posted by Todd (MO)

Posted by Todd (MO) on December 21, 2000 at 22:25:10:

They likely will not discount out their position since they will probably recoup their money. If there are no other bidders and they end up taking the property back, then they may be willing to negotiate a lower price to get it out of inventory. The deal is thin even without the second, if you decide to pursue it prior to the sale make sure you find out what the second will do first.

Good luck,