Please Advise On This One Decision In 24hrs

Please,Please help on this .This will be my my first subto ,spoke to the owner today and he is willing to walk away and deed me the property long as I can bring the loan current and stop the foreclosure I need to know how to make an offer to the 2nd loan for a substancial discount and how much should I offer.Please explain step by step .

Do I contact the lender first?

Deed First?

??????????????



FMV:565,000-585,000

1ST:432,000 @6.95%

2ND:108,000@10.60% (recorded notice of default)

3rd:personal loan from previous seller(recorded):17,500 TOTAL:557,500

Appox.20K Behind 1st: 13K 2nd: 7k

10K Repairs

1st and 2nd are from same mortgage company.

Please expalin how can I make this work.



THANK YOU IN ADVANCE!!!!!!!!!!!!!!



Joe



Comments(2)

  • NewKidInTown312th October, 2006

    You will get a quicker response if you post this question in the Short Sale Forum.

  • cjmazur12th October, 2006

    what are you willing to pay for the place?

    The 1st seems pretty well secured.

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