Second Has Foreclosed ?????
Here are the numbers
Worth 92K
First 72K
Second 15K has already foreclosed (court house steps and the whole shot'in match)
My question is does anyone know how to approach a second to get the lean removed from the property? I figure they will give a nice discount. What should I start at with negotiations? In this case will they take anything? Will I speak with loss midigation or what division inside the company?
Thanks
Sire
In the first place if the second foreclosed they own the house subject to the first mortgage. They may either accept a payoff or an assignment of their note, but it would still be subject to the first lien.
If the auction already happened, it is now an REO for them, so you would talk to the REO dept.
I would just state that you are interested in that property and would they want to sell you the note for XX amount.
I guess I assumed it would go to another dept. because its second. Sorry just wasn't thinking. Does anyone have a suggestion on how much to offer.
Sire