Buying 2nd Mortgage Note? Help
The home is worth 130k.
1st Homecoming: $92k
2nd Resurgent: 24K
Needs 4k in repairs
If I buy the note from the 2nd for say $2000, What happends when I tried to close the 1st out with a hard money loan? When they run title they will see a 24k 2nd that I own. Do I just simply release my lien at the court house and just pay off the 1st?? Thanks
The first is about 9k in arrears. I was just going to buy out the 2nd for say 2k and then fund to pay off the 1st. I can get 80% consrtuction loan which will put me at 112,000-92000=20k. this will be enought to pay the discounted 2nd and fixed it up and holding costs. How much you tihnk the 2nd will discount? Thanks