2nd Mortgage "Buy The Note Or Short Payoff The Note"?
I have a seller who is behind on the 1st mortgage but current on the 2nd mortgage. Can I still discount the 2nd even though it is not deliquent? If so should I do a short payoff or buy the note? I plan to discount the 1st to 50k and either buy or short payoff the 2nd for $2000. Thanks you guys for the help!!!
1st: $78000
2nd: $22000
Arv: 105000
The house does need some work. I think I should be able to convince the 1st to take at least a little discount and the 2nd to take a big discount.