Hello all:
Why do some properties have 2 mortgages - 1st mortgage and 2nd mortgage?
Is it because the properties were refinanced so therefore creating the 2nd mortgage?
Greatly appreciate if somebody could assist me with the above questions as it’s confusing at times.
I thank you in advance! :help
Most properties will have a 80% first and a 20% second on them. This is really common when you buy the property or Refi. If you are looking for good foreclosure deals look for properties that have a larger second as most of them will not buy out the first and give you more of a spread to work with.