Buying A 2nd...What Happens With The 1st Mortgage?
Hey everyone,
I buy homes at the foreclosure auction. I always focused only on 1st mortgages but there is a home this week with a 2nd going to auction.
The 2nd has an estimated starting price around $97K. There is a 1st for only $13,800 but not scheduled for forclosure as of this week.
If I buy the 2nd can I pay off the first and own the home?
What are the drawbacks?
The home has a FMV of approximately $200K
Want to keep as a rental. What do you guys think
Thanks ahead of time for your comments.
Mike (SlushMan)
I buy homes at the foreclosure auction. I always focused only on 1st mortgages but there is a home this week with a 2nd going to auction.
The 2nd has an estimated starting price around $97K. There is a 1st for only $13,800 but not scheduled for forclosure as of this week.
If I buy the 2nd can I pay off the first and own the home?
What are the drawbacks?
The home has a FMV of approximately $200K
Want to keep as a rental. What do you guys think
Thanks ahead of time for your comments.
Mike (SlushMan)
Comments(0)
you buy there mortgage subject-to sr, mortgages.
Check the summary judgement documents at the courthouse. They tell whether the sheriff will automatically evict or whether you will have to request eviction.
Thanks for the input.
Quote:
On 2007-11-22 15:18, ypochris wrote:
Chris- former Realtor
Chris,
Have you abandoned your license? Will you tell us why?
Ah, yes, but standing is very important in legal issues. If the bank does not have standing, they do not have a leg to stand on (so to speak) in a foreclosure action.
Will the investor who owns a tiny fraction of your note be willing and able to foreclose on you?
Chris
legal manuvering or poorly drafted bond documents that the Bonds were securitized with.
This affects a multi-trillion dollar inducstry. It would be interest to get a legal Opinion.
If this is true, you could make a killing shorting CMBS, CDO, CMO, ABS, etc.[ Edited by cjmazur on Date 11/22/2007 ]