Posted by dutch on April 21, 2006 at 13:44:25:
Well, the 2nd might be willing to take a discount, as they should know that they won’t get all their 100K after they own it and try to resell it. Offer them 60K and see what happens.
Dutch
OKHomesavers
Sheriffs sale on 2nd lien - Posted by tim_nm
Posted by tim_nm on April 20, 2006 at 22:47:30:
I have just sold my first foreclosure bought at auction. I am looking for my next project. I have found one, but it appears sticky. There are 2 liens on the property, both owned by BofA, 1st is $50k, 2nd is a HELOC for $100k. The issue is that the 2nd lien holder is foreclosing on the property. If I buy the property at auction, do I still owe the 1st?? Should I just cut and run?? thanks in advance for any advice on this one.
tim
Re: Sheriffs sale on 2nd lien - Posted by dutch
Posted by dutch on April 21, 2006 at 08:30:17:
Yes, you would still owe the 1st. And they might foreclose as soon as you own it. But then you might be able to work out a deal with them to make them happy. They are in the catbird’s seat, so you will be at their mercy. But with that much equity, who give’s a d*mn. Just refi them out.
Dutch
OKHomesavers
Re: Sheriffs sale on 2nd lien - Posted by tim_nm
Posted by tim_nm on April 21, 2006 at 10:49:53:
Thanks, that is what I thought. If it is truly the 2nd at $100k the deal would be a little slim with $150k invested, ARV is $175k.
thanks again
tim