Need Pre-Foreclosure Help...
We have a house under contract for $72k, contingent upon acceptance by the lenders. Fair market value of this property is $95k. The principal balance on the first mortgage is $58k (we have not gotten the full pay-off yet though). There is also a second mortgage with a full pay-off of $18k. The second has already offered to settle at $14k.
How sure we now approach negotiating with the lenders? 
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