What are great ways effectively to negotiate 2nd lien off? and can you provide sample paperwork(s)?
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.
thanks blueboxer. i’m looking forward to it.
These are all the forms you will need if you are trying to do a short sale. http://www.thomaslucier.com/pre-foreclosureforms.html
Yes I was wondering how you negotiate a second loan off as well?
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?
You cant negotiate with anybody until somebody starts the foreclosure process. You can talk to the second once the first starts the process.
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.