Buying A Note From A Junior Lienholder
I am under contract to purchase a house that has a 1st & 2nd mortgage. At this point I would have to take a loss in order for the transaction to go through. The seller needs to get 10K out of the deal, so I can't do a short sale. (The reason why I would even be willing to take a loss is because of the other property he is selling to me via short sale where I stand to make a 50K profit)
So I want to know how to approach the 2nd mortgagee & get them to sell me the note at a discount (the seller is in foreclosure). - Not a short sale - actually purchasing the note - but at a discount.
How is this done? Is there a certain department I should speak with? What kinds of information should I give to motivate them to sell me the note?
Try calling the Loss Mitigation department. Are the 1st and 2nd liens with the same lender? If not, is it the 1st or 2nd foreclosing on the property?
A second mortgage facing foreclosure has a lot of motivation to sell the note at a discount anyway, I'd call up and make an offer-- I don't think you'll be snubbed.