Situation:
SFH
1st balance - $140k
2nd balance - $120k
Comps - $270k
2nd has already agreed to short loan amount down to $70k
If I get the 1st to short their loan what happens to the 2nd? Do I negotiate with both lien holders? Or the is the 2nd SOL if I negotiate the sale with the 1st?
The 2nd has already stated that they will bid at the sheriff’s auction if they get nothing.
I’m meeting with the owner on Monday morning to get the Authorization to Release Info signed.
What’s next?