Re: short sale and auction… can this be done? - Posted by MatthewMStefanik
Posted by MatthewMStefanik on August 22, 2007 at 08:16:29:
Well, you wouldn’t want to pay off the second if this were to be your approach. You would want to buy the second and then have the lender assign the mortgage to you. Then as the second lien holder you could apply for the overage with the court. However, being that it is an unstable market like you said, do you really think anyone will actually bid this house up to $220k? If $220k is a good deal, then why would $205k be a problem for you?
Matthew M. Stefanik