I have a house thats facing FC and the BPO was 285K as is value and it does need 40K in repairs and updates…
I have an offer on the property for 2 months for 200K however the 2nd will not call me back to give me acceptance letter for the 1000.00 proposed payoff
So I asked the 1st to buy out the 1st mortgage which is 280K and then continue to foreclose on the 2nd wipeing them out… what or how would this work…? would this bear additional expenses to my buyers - i.e. FC on the 2nd… how would this work or effect the price… Is there any fees in doing so and moving fwd with FC on 2nd? attny fees etc…?
Any feedback is greatly appreciated…
To Clarify myself…
If i buy out the first note and now own the 1st mortgage and am in first position and the payments are not caught up or made monthly ( by the owner of property ) , dont i now having a mortgage ( owning a 1st mortgage and in first position) have the right as and lender would to foreclose ( or continue with ) if payments are not being made…? Didnt know if i was misunderstood or totally mistaken.
Your correction is appreciated please…
It kinda seemed logical to me when i thought of it…
If it is possible this way what additional expenses would i have to continue on with, finish or do a complete foreclosure wiping out the 2nd… am I nutz…?