24 HR. QUESTION-PRE-FORECLOSURES-ASK FOR DISCOUNT?
I have a client that is 5 moinths in arrears on both 1st and 2nd mortgage-should i ask for a discount if i am paying cash in 30 days to them? Asking me to payoff and get it out of his name-equity is over 30%, which puts me under the 70% needed to buy with no money down-DO I ALSO ASK FOR A DISCOUNT FROM BOTH MORTGAGE COMPANIES-ANSWER NEEDED ASAP-THANKS! 
Hey Ralph,
Is the house in Foreclosure? If yes...
depending on the condition of the prop. and no other liens involved...you may want to consider requesting a discount on the lien holder who is not foreclosing on the prop.
In this case, if it's the 1st, you definitely want to approach the 2nd for a short sale. However there are a number of conditions that must be met first.
Hope this helps,
Clif