A $800,000 Property In Foreclosure-4 Mtgs
I was hoping somebody could help me out with this....
I have a $ 800,000 property in foreclosure.
Here is a breakdown of the mortgages on the property:
1st-$190,000-They are foreclosing
2nd-$45,000
3rd-$380,000
4th-$75,000
TOT $690,000
Looks like a great deal to all of us that do short sales right!?!!!
Here's where it get tricky.
I offered short sales to the 2nd mortgage holder and the 3 and 4th (same bank). They both looked at my offer and threatened to buy the first out to protect their investment.
Now, I have the money to buy the first out right, but I need/want to stay in first lien position. I need to act fast before the other banks try and buyout the mortgage.
If I get the first assigned to me..then I have mad negotiating power, but without it I am against the bank.
Does anybody have any experience with having a mortgage in foreclosure assigned to them??
Any suggestions would be great at this point.
Thanks.
There is no reason for a mortgage in foreclosure to assign it to you.
It is of no benefit to them since they will either be getting their money or the property soon enough.
You can ask the 2nd, 3rd or 4th if they will assign their mortgage to you (at a discount of course).
Hope This Helps!
Mrs. Meltzer
The first mortgage company just wants their money.
My conversations with them illustrates they want nothing to besides having their loan paid off.
Maybe I am not looking at everything here, but if I am going to pay the first mortgage everything that is owed on the property..what is the downside to them to assign (not assume) the mortgage to me....its a win for both of us...RIGHT???
If the first will assign their mortgage to you, then I say go for it!
Now remember .. if the 2nd or 3rd or 4th decide to reinstate the mortgage, you will have to stop the foreclosure sale and will be stuck with the mortgage (and not the property).
If you don't mind having your monies tied up like that, then there really isn't a downside.
Hope This Helps!
Mrs. Meltzer