2nd Lien Negotiation help

vhatien · September 25, 2006, 7:39am

What are great ways effectively to negotiate 2nd lien off? and can you provide sample paperwork(s)?

blueboxer · September 25, 2006, 6:38pm

I can send you a letter that you can send to the 2nd lien holder, reply to this post so I can remember to do it when I get home.

vhatien · September 25, 2006, 8:51pm

thanks blueboxer. i’m looking forward to it.

blueboxer · September 26, 2006, 12:26am

These are all the forms you will need if you are trying to do a short sale. http://www.thomaslucier.com/pre-foreclosureforms.html

djskunk · September 28, 2006, 3:28pm

Yes I was wondering how you negotiate a second loan off as well?

blueboxer · September 28, 2006, 5:33pm

http://www.thomaslucier.com/Pre-Foreclosure%20Forms/Form%2014.2%20Sample%20Letter%20to%20Subordinate%20Lienholders.doc

gordo2417 · September 28, 2006, 6:27pm

What if the first lien holder hasn’t started the foreclosure process yet? I have a deal where the owners are 3 months behind and their bank is getting ready to start the process. Think there’s a chance to start negotiating with the second?

Nate-WI

kikaider69 · October 2, 2006, 1:33am

You cant negotiate with anybody until somebody starts the foreclosure process. You can talk to the second once the first starts the process.
steve

bovine · October 2, 2006, 2:29am

You can start to talk with the 2nd but nothing will be solid until the property is in the foreclosure process. I say start talking to them as soon as possible. That way you will aready have a contact person in loss mitigation and you will be confortable getting in contact with these people on a regular basis. Dont be a pest but stay on top of them. Get their short sale requirements and have them all ready to go once lis pendens is filed. One thing I’ve learned is that short sales take forever.