Buying A House With 2 Mortgages In Foreclosure
I am currently attempting to purchase a house that has 2 mortgages that total more than the value of the house. The mortgage holders are Chase 1st and Suntrust 2nd. I have been on the phone with everybody I can think of at SunTrust to tell them that I am trying to purchase the house, but I get a general "we do not accept a short sale". The house is now in foreclosure from Chase and the best I can figure SunTrust is going to lose their entire loan amount rather than just part of it. Is there anything I can do to purchase the house without the blessing of SunTrust (ie without their approval of the sale)?
if suntrust won't sell their note at discount then they are likely planning to buy the first and take the house.
go to the auction and outbid them knowing their margin is lower then yours.