Sub2 1st Mortgage, Short Sale 2nd ????
Is it possible to purchase a property subject to the first mortgage but then also arrange a short payoff (short sale) on the 2nd mortgage??
I would catch up the payments on the first and payoff the 2nd after negotiated.
Thanks
Sure! I've done that myself. Actually the 2nd let me buy the note for about 12 cents on the dollar and I caught up the 1st and then assigned the contract to another investor who wanted to rehab it.
Just be sure to settle the 2nd before you catch up the 1st.