It all depends on LTV (loan to value ratio). For example if all three mortgages totaled up still add up to less than 60-70% of the value of the property, depending on one’s personal comfort level, it may make sense to pay face value. There is still enough equity leftover to make it worthwhile.I personally would be looking for a hefty discount on a second, and would not touch a third, but that’s me.
Hello: entreprenuers, This is my first posting so here we go.
Does anyone know why a company or individual would pay full value on a lien secured by a property that is in foreclosure? This lien is in either 2nd or 3rd position and the 1st position is the one in default.
To me this doesn’t look like a good idea.
I would appreciate any feed back
Thanks,