Can This Be Worked In My Favor
pre-foreclosure home with two mortgages.
1st : 800K
2nd: 200K
FMV: 1.4M
2nd is foreclosing on the house.
Is there anything I can do and benefit from this situation? Can I buy the note? Can I buy it at the steps?
thanks.
You could buy at the courthouse and become responsible for the first, either making the monthly payment(if not called DUE on sale) or paying in full if you have that kind of money. Guess it depends on what you want to do with the house, resell or occupy and if you can hold it for hte period of time it takes to sell.
You could buy at the courthouse and become responsible for the first, either making the monthly payment(if not called DUE on sale) or paying in full if you have that kind of money. Guess it depends on what you want to do with the house, resell or occupy and if you can hold it for hte period of time it takes to sell.
Followup question.
So, does that mean that I have to pay up the 1st mortgage at the auction or when?