Negotiating With The 2nd Mortgage Holder
Can someone give me some guidelines or a synopsys of how negotiating with a 2nd mortgage holder would go? I just read a post where someone negotiated 50% off the second. If they are put in a position to either buyout the first or lose their whole position, wouldn't they take a much steeper discount? That is what the short sale courses are saying.
The property that I am working on has a 22k second morgage that I would like to get down to 2k, not 11k. Any advice?
There are many ways to get it down or bypass them. You could just take out the first and then go through with the sale of the house, when it sells they get paid. Or show them the condition of the house and what it would cost for them to get there money back.
You need to talk to them and find out if they are even in a position financially to buy out the first, often times they arent.
If they are in a position to buy out he first, make them your financier to fix it up and sell it.
Good Luck,
Kyle