short 2nd pay off 1st

Foreclosures, Short Sales, Tax Foreclosures
1

1st mortgage is 177k and in foreclosure the 2nd is 53k and not but is behind.bpo will come in around 250-265 short 2nd pay off 1st.
contact 2nd mortgage first what to do?

All paper work is ready to send

thanks

2

Can you explain yourself better?

If you are asking whether to the 2nd mort holder first, then the answer would be yes.

The first is in a pretty good position, if you assumed BPO holds (unless repairs eat up that equity).

So if you can negotiate with the second then you have a few choices.

1- Buy the property subject-to and bring 1st up to date, exit-- sell/assign the contract, or put it up for sale at retail, or L/O or just rent it.

2- Buy with new financing (preferably private but conventional if you can get it), exit-- L/O or rent

Also, you could try to buy the note from the 1st at some discount. ANY discount there would be good since the 1st is in a 67%-71% LTV.

They might not allow a SS because of that, but they might be willing to sell their NON-PERFORMING note. It’s worth asking.

Include money to help the sellers move out and rent a place.

3

seller would like me to refi and include my profit plus one year mortgage payments and l/o back to seller. assuming i can get 2nd mortgage down to 5 or 10k.

no repairs needed house is in great shape

what would be a normal discount on bying a non-performing note

and thanks for your respones FI .