By purchasing a second mortgage via an assignment, you step into the shoes of the second mortgagee... and can continue the foreclosure process.... or as second mortgagee, agree to accept pennies on the dollar as mandated by a first mortgagee's ss criteria.
You would contact the appropriate department within whatever organization holds the mortgage, and submit your offer to purchase their position. Of course, you would need cash... and be certain that that title checks out clear.
_________________ Short Sale Practitioners can't predict, but can and should prepare.[ Edited by TheShortSalePro on Date 03/26/2004 ]
By purchasing a second mortgage via an assignment, you step into the shoes of the second mortgagee... and can continue the foreclosure process.... or as second mortgagee, agree to accept pennies on the dollar as mandated by a first mortgagee's ss criteria.
You would contact the appropriate department within whatever organization holds the mortgage, and submit your offer to purchase their position. Of course, you would need cash... and be certain that that title checks out clear.
_________________
Short Sale Practitioners can't predict, but can and should prepare.[ Edited by TheShortSalePro on Date 03/26/2004 ]