Please Advise On This One Decision In 24hrs

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Please,Please help on this .This will be my my first subto ,spoke to the owner today and he is willing to walk away and deed me the property long as I can bring the loan current and stop the foreclosure I need to know how to make an offer to the 2nd loan for a substancial discount and how much should I offer.Please explain step by step .

Do I contact the lender first?

Deed First?

??????????????



FMV:565,000-585,000

1ST:432,000 @6.95%

2ND:108,000@10.60% (recorded notice of default)

3rd:personal loan from previous seller(recorded):17,500 TOTAL:557,500

Appox.20K Behind 1st: 13K 2nd: 7k

10K Repairs

1st and 2nd are from same mortgage company.

Please expalin how can I make this work.



THANK YOU IN ADVANCE!!!!!!!!!!!!!!



Joe



Comments(2)

  • NewKidInTown312th October, 2006

    You will get a quicker response if you post this question in the Short Sale Forum.

  • cjmazur12th October, 2006

    what are you willing to pay for the place?

    The 1st seems pretty well secured.

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