Foreclosure AND Home Equity Note.help!
Hi. I am interested in a property that is going to foreclosure. I have done some research and found they also have a home equity note. Would this effect me if I make an offer and they accept PRE-forclosure. Thanks in advance for your help. Lisa
short sell or purchase the 2nd mortgage (home equity note) at a substantial discount. depending on the size and the property value, you will prob do this for anywhere between 5-50% of the face value of the note.
Thank you for your reply. This property is going to foreclosure on Aug 2. I am assuming(bad to do I know) that you contact the bank with the home equity note and tell them the situation and see if you can agree on the amount? If I understand correctly, if the property actually goes to foreclosure, the buyer is not effected by the home equity note (responsible for it). Thanks again. Lisa