I just picked up a Short-Sale with two loans and i don’t know if i should send a pckg to the 2nd lender also? I don’t know who the lenders are yet, but will tomorrow. The balance of the first is $160,000 and the balance of the 2nd is 50,000. Property is worth about $300,000. Will the 2nd lender know what is owed on the first? I’d like to offer at least 60 cents on the dollar for the 1st and maybe 1000 for the 2nd or is this too low? (that means it would be 2 cents on the dollar lol) is this possible? Or how about $10,000 which would be 20 cents on the dollar. HELP!
To make matters more confusing i’m reading “Guide to Advanced Investing Techniques” by foreclosures.com owner Alexis McGee and it talks about “Buying” the Deed of Trust or Mortgage Note… but i can’t do that becasue i’m in a judicial foreclosure state (NM) and we use Mortgages instead of Deeds of Trusts…I’d like to find if ultimately if either options would reap the same result? I mean if i were in a deed of trust state i could by the 2nd’s note for 1000 bucks but since i can’t do that than i guess i could just “short” the 2nd all the way down to 1000 bucks. hm i guess it’s the same $%#t, right??? HELP. i’m rambling but i’m hoping someone will enlighten me.