Need Advise On Ss
Owner is in preforeclosure behind 3 years on first and 2 years on second. The first current balance is 113K The second 89K The BPO is 115K (accurate FMV) Sheriff sale date is 4-25-04 3 years behind in real estate taxes o/s balance 6K I have contacted both banks and both are willing to discount. Who should I contact first to do a discount the 1st or 2nd? I am aware that the second will get nothing at the sheriff'ssale so I plan on a deep discount of $1K. The 1st told me they would not accept 50-60K so I thought of offering 65K. Any guidance is greatly appreciated! Lil- PA
Comments(0)
Have you made certain that there are no other liens of record? Make sure the second agrees not to pursue a deficiency... I'll be they are pretty much annoyed about the whole situation...