i have a guy that has a first mortgage for 85000 and the property is worth about 170,000 he is behind on his first mortgage and he is about to loose his car to the repo man. He needs a loan inorder to catch up. How do i write hiim a secound mortgage that can take over the first if he is late on either one?
thanks
Well, you can try and get the 1st mortgage holder to subordinate… But sometimes that is difficult… Why don’t you just write him a new 1st mortgage and cash him out money to payoff the car.
i dont have the money to write a new first mortgage. but i can get a mortgage and rent it back to him but i dont think hes going to go for that.
thanks
what do u mean by "You don’t have the money to write a new 1st mortgage? There is plenty of equity in the home… ?