Sounds like it is to me. In this situation the second will have to take a loss if forclosure happens. At least to the amount of value, but if you could up with repairs.
If you can't or choose not to pay the purchase price for the property, but instead purchase 'subject to' existing first mortgage financing, to facilitate a short sale, you would have to purchase the second mortgage via an assignment. For that, you would need cash.
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Perhaps with the second mortgagee. Much depends upon the mortgagor's financial/hardship circumstances.
Sounds like it is to me. In this situation the second will have to take a loss if forclosure happens. At least to the amount of value, but if you could up with repairs.
Can you short the 2nd here, and take the first subject-to?
If you can't or choose not to pay the purchase price for the property, but instead purchase 'subject to' existing first mortgage financing, to facilitate a short sale, you would have to purchase the second mortgage via an assignment. For that, you would need cash.