Hi
Today I found a house that have two mortgages
1mortgage:115,000
2mortgage:28,000
Second is foreclosing.First mortgage:he has not receive yet the notice of default (although is three month behind}Should I wait until the first start the foreclosure?or should I try to discount the second?
Thank you
Hey Pazzo,
I recently asked the same question. Though your situation is slightly different than mine(no notice of default on the first), I would imagine you should start attempting to discount both at the same time.
gregg, tucson
Hi Pazzo,
I would contact the 2nd and start negotiating a discount. Have they set an auction date yet? It’s important you know what the timeline is as soon as possible. How much is the house worth? If it’s considerably higher than what’s owed, it’ll be more difficult to get a discount on either.