A "note" as in promissory note may have value after the foreclosure process extinguishes the mortgage lien. Hopefully, you had a mortgage and mortgage note
devised. Without the personal promise to repay, you may be out of luck.
cjmazur, I am not sure how to do this, but I am not interested in putting more money in that property right now; if I understand you correctly, you are asking if I can offer bank to buy a discounted first, right? Or is there any other way?
The one way I have used is looking at the probate paperwork and what attys or agents seem to focus on that market.
was your note filed before the second mortgage?
Most likely yes, we recorded note immediately after closing the escrow. Any ideas?
A "note" as in promissory note may have value after the foreclosure process extinguishes the mortgage lien. Hopefully, you had a mortgage and mortgage note
devised. Without the personal promise to repay, you may be out of luck.
cjmazur, I am not sure how to do this, but I am not interested in putting more money in that property right now; if I understand you correctly, you are asking if I can offer bank to buy a discounted first, right? Or is there any other way?
buying the sr. note at a discount is what I am suggesting.