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
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...