Short Sale With Previous Owner Seller 2nd
I have been contacted by a homeowner who is close to foreclosure. He has a 2nd mortgage held by the previous owner. He has remained current on that payment. Not sure how to proceed. If I contact the 2nd mortgage holder, can he foreclose right away on the homeowner and still hold him responsible for paying to 2nd or getting a judgement? Is there any leverage to keep the 2nd mortgage owner from harming the homeowner?
I would contact a note broker and discuss having them picking up the note at a disc. Be sure to contact the mortgage holder also before arranging this. Good luck