2nd Note Holder Called Needing Help!
Got a call from a guy who is the holder of a 2nd trust deed where the first is is going to auction in 3 weeks. There is also a 3rd that has filed NOD about 1 mos. after the first did. This guy does not have the cash to bring the first current but will sell me his note at a discount. Now it has been awhile since my training but I do remember that there was a technique of buying through the backdoor by buying the 2nd at a discount, bringing the first current and thus having control over said property. What happens to the 3rd?
The 1st is 230k, the 2nd is 30k and the 3rd is 90k. The house is worth around 450k. The owner has no plans to fight this. He is just going to move to Mexico and move on. Any advice?
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