1st And 2nd Held By The Same Company
I obtained a ss lead today where the 1st and 2nd mortgages are held by the same lender. My strategy is to significantly reduce the second to make it a deal. Are there any difficulties in doing so, since one mortgage company is involved? If so how does this change my investment strategy?
Not quite sure what you are trying to do, but the 1st and 2nd work independently. You can always pay off your 2nd or even re-fi your second without affecting your 1st regardless if it is the same company. Hope that helps!
double check because i had a prop where i thought the same thing but it just turns out that they service both of the loans
I am running into this now also. It is a loan with wacovia on the 1st and southtrust on the 2nd. Wacovia just purchased them so know own both. I am trying to get both discounted and having some problems. The rep has denied the offer for the second with knowledge of what I am offering the first, saying that they will not accept it on thier side. He said he wants 75-80% on the second and have to pay the 1st in full.
It does make it tougher because you can not threaten with a possible foreclosure, at least it does not seem to bother this guy based on being the same company,
I am also working in GA, and the only thing I can say is advertise. You can not wait for the newspaper or electronic file unless you are buying on the steps. There is not enough time to be really profitable, and consistent. The other problem is every one and thier brother is mailing stuff to them. You need to find other ways to get them to call. Try Gerogia Reia ( peachtree ind and 285.
Usually you can forward the purchase and sale agrement to the trusteee for the BK, and they can approve the sale. They will want to make sure the property does not have any equity in it prior to allowing it to be www.sold.Most of the time I have seen the banks want the house to be out of BK prior to a SS.