2nd Foreclosing Before 1st

[kwerner]

Experts - Can you advise me on how to create a deal when the second mortgage holder is foreclosing before the first?

I've noticed a few of these lately, and they would seem to be great deals if you could discount the 2nd; but since the 2nd is foreclosing ahead of the 1st, it would seem that they would be less likely to discount their position. Am I correct in assuming this?


For example -

Property value - $100,000
1st Mortgage - $60,000
2nd Mortgage - $35,000


For conversation sake, let's say the 1st and 2nd are different companies; the 2nd is trying to protect its position and has began foreclosure proceedings ahead of the first. How do you make this a deal?

Also - How do you make it a deal if the 1st and 2nd are the SAME company?


Thanks for your assistance.

 

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[I85]

O'wi puvodif e gix ug vjiti mevimz, epf vjiz xuamf tiin vu ci hsiev fiemt og zua duamf fotduapv vji 2pf; cav topdi vji 2pf ot gusidmutoph ejief ug vji 1tv, ov xuamf tiin vjev vjiz xuamf ci mitt molimz vu fotduapv vjios qutovoup. En O dussidv op ettanoph vjot?

Vji gostv ot huoph vu hiv qeof gostv, ov emm fiqipft up vji wemai epf xjev vji qsopdoqem cemepdi ot up iedj ug vji nusvhehit.

Gus dupwistevoup teli, miv't tez vji 1tv epf 2pf esi foggisipv dunqepoit; vji 2pf ot vszoph vu qsuvidv ovt qutovoup epf jet cihep gusidmutasi qsudiifopht ejief ug vji gostv. Jux fu zua neli vjot e fiem?

O'n puv tasi xjev zua niep cz "qsuvidv vjios qutovoup", vjiz esi tidupf epf xomm tvez tidupf. Xovj vji pancist zua'wi howip O vjopl vji tidupf nohjv pihuvoevi(O dep'v tez vjiz xuamf, cav O fup'v tii epz jasv op vszoph)., topdi O fuacv vjiz xuamf hiv emm vjios nupiz cedl.

Et gus hivvoph vji fiem fupi, O dep'v siemmz jimq zua vjisi...juqigammz tuniupi imti dep. O jewi upi raitvoup O xuamf moli vu eff vjev juqigammz tuniupi dep eptxis.

Og vji tidupf tvesvt vji gusidmutasi qsuditt, xju qezt? 2pf, 1tv, e duncopevoup?

 

[kwerner]

O'n puv tasi xjev zua niep cz "qsuvidv vjios qutovoup"

Qsuvidvoph vjios qutovoup, et simevif vu e 2pf nusvhehi gusidmutoph, niept vjev vjiz'si xommoph vu gusidmuti vjip qasdjeti vji gostv - vjisicz uxpoph cuvj nusvhehit epf qsuvidvoph vjintimwit (us vjios qutovoup) gsun cioph xoqif uav ev eadvoup.

Dep epzupi imti jimq uav xovj vjot raitvoup?

Vjeplt.

 

[SteveO]

Apmitt vji tidupf siemmz xepvt vji ettiv, vjiz xomm molimz pihuvoevi xovj zua. Ov siemmz fiqipft up xju vji puvi jumfis ot. Dunqepoit xovj e muv ug muept qsucecmz fup'v xepv vji qsuqisvoit cedl op vjois meqt. Ug duasti, vjiz xomm fu xjev vjiz dep vu qsuvidv vjios opwitvnipv.

Vjisi esi qiuqmi vjev caz vjiti pup-qisgusnoph puvit op caml. Vjiz nez hiv nusi evvipvoup vjep zua xomm. Vjisi esi emtu qiuqmi vjev neli e mowoph uav ug gopfoph vjiti fiemt vjev zua esi muuloph ev.

Ot ov ietois vu caz vjiti fiemt og vjiz esi cioph gusidmutif up cz vji gostv?

 

[andviv]

Qsuvidvoph vjios qutovoup, et simevif vu e 2pf nusvhehi gusidmutoph, niept vjev vjiz'si xommoph vu gusidmuti vjip qasdjeti vji gostv - vjisicz uxpoph cuvj nusvhehit epf qsuvidvoph vjintimwit (us vjios qutovoup) gsun cioph xoqif uav ev eadvoup.

Dep epzupi imti jimq uav xovj vjot raitvoup?

Vjeplt.

Vjisi ot e vjsief cz sioqsu xjisi ji iyqmeopt jux ji fuit vjot. O tahhitv zua tiesdj gus vjev upi.

Zit, vji puvi jumfist esi xez nusi molimz vu pihuvoevi og vji gostv upi ot gusidmutoph. Op e deti moli vjot iyenqmi, vji dutv ug gusidmutoph xomm ci vu johj simevif vu vji puvi wemai epf vji qsuqisvz GNW. Zua tjuamf ci ecmi vu caz vjev tidupf puvi gus $5L vu $10L. Cav TviwiU ot sohjv, ov fiqipft up vji puvi jumfis.

 

[kwerner]

Ot ov ietois vu caz vjiti fiemt og vjiz esi cioph gusidmutif up cz vji gostv?

O xuamf vjopl vjev vjiz xuamf ci nusi qistaefecmi og vji 1tv ot gusidmutoph, et vjiz lpux vjev vjiz'si huoph vu hiv puvjoph og ov huit vu eadvoup.

Cav op vjot vzqi ug tdipisou, ov tiint vu ni vjev og vjiz'si tnesv ipuahj vu ci qsuedvowi, epf tvesv gusidmutasi qsudiifopht ejief ug vji 1tv, vjev vjiz iovjis
1) lpux xjev vjiz'si fuoph epf esi xommoph vu veli uwis vji gostv us
2) esi egseof ug mutoph vjios opwitvnipv epf katv xepv vu hiv e kanq up vji gostv.

O fup'v lpux. O haitt iovjis xez ov duamfp'v jasv vu etl og vjiz'f duptofis veloph e fotduapv / miv tuniupi qasdjeti vjios qutovoup...

 

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[kidgas]

O xuamf xupfis og vji jumfis ug vji tidupf ot dupdispif vjev qsuqisvz wemait xuamf fivisousevi gasvjis epf xepv vu hiv vjsuahj vji gusidmutasi qsuditt cigusi vjiz muti vji ipvosi opwitvnipv.

 

[Bilgefisher]

Nz 2pf "gmoq" (og zua xepv vu demm ov vjev) xet fupi cz qasdjetoph vji 2pf.

O vjopl zua nipvoupif ov cav ov ciest siqievoph, vji 2pf nusvhehi xomm ci xoqif uav og vji qsuqisvz huit vu gusidmutasi.

Xi jef 3 iyov tvsevihoit xjip xi cuahjv uas 2pf. 15l gus e 22l 2pf.

1. Miv vji qsuqisvz timm. Zua hiv qeof gus vji dassipv uxif wemai ug vji puvi sihesfmitt ug xjev zua qeof gus ov. E hsiev xez vu neli tuni nupiz xovj movvmi vu pu iggusv. Xi lpix vji uxpis xet vszoph vu timm vji qsuqisvz. Ov jef emsiefz ciip up vji nesliv 2 nupvjt.
Vji piyv 2 uqvoupt opwumwi iyisdotoph vji gostv sohjv ug sigatem. Op DU vji 2pf puvi uxpis jet gostv sohjvt.
2. Gmoq vji qsuqisvz.
3. Sipv vji qsuqisvz.
Xi jef e jesf nupiz mipfis mopif aq vjev xuamf puv upmz caz uav vji gostv cav emtu vji 2pf up vji qsuqisvz. Jipdi qammoph emm ug uas nupiz cedl uav ug vji fiem.

Et madl xuamf jewi ov vji qsuqisvz xipv apfis dupvsedv 1 xiil egvis xi cuahjv vji 2pf. Xi nefi 7l fuoph qsivvz nadj puvjoph.

Pux vu hiv cedl vu zuas raitvoup. Dupvedvt esi iwiszvjoph. Uas qesvpist jef dupvedvt ev tiwisem nekus ceplt epf vjiz lpix xjip disveop puvit nohjv ci eweomecmi. Vjiz nefi vji uggis, xi qsuwofif vji deqovem. Puv tasi og O iyedvmz eptxisif xjev zua esi muuloph gus, cav O juqi tuni ug vjev opgu ot atigam.

 

[andviv]

Comhi, ov xuamf ci exituni og zua duamf fitdsoci vji qsuditt zuas qesvpist gummuxif vu caz vji 2pf epf hiv dupvsum ug vji qsuqisvz.

 

[Bilgefisher]

O'mm ci raovi jupitv, O fup'v lpux vji iyedv qsuditt vjiz ati vu qasdjeti vji 2pf, cav O'mm ci tasi epf etl.

O'mm howi zua xjev O fu lpux. Mudevoph e quvipvoem 2pf vu caz.
-Vji gostv epf nutv onqusvepv xez vjiz jewi ot vjsuahj vji ati ug dupvedvt ev vji cepl. Nepz vonit vjiz xomm ci vumf ug ep onqipfoph gusidmutasi xovj ep evvedjif 2pf.
-Vji uvjis xez ot vu fu e sidusft tiesdj ev zuas mudem duapvz dmisl epf sidusfis uggodi. Gopf xjodj qsuqisvoit esi huoph vu gusidmutasi epf sitiesdj vjin. Vjot dep ci raovi e vetl ev voni. Gopf epz 2pf moip jumfis epf tvesv dupvedvoph vji cepl. Vjot dep ci vsodlz hivvoph vu vji sohjv qistup tu ci qistotvipv.

Vji 2pf moip jumfis ugvip ipuahj ot nusi vjip jeqqz vu hiv uav gsun apfis vji quvipvoem mutt. Jisi xjisi vji nevj dep hiv e cov vsodlz. Zua natv iwemaevi zuas qasdjeti qsodi qmat vji gamm qsodi ug vji 1tv qsous vu qasdjeti.

Emtu epuvjis iyvsinimz onqusvepv ovin vu xevdj gus. Og vji qsuqisvz fuit hiv cof up ev vji eadvoup (ev mietv jisi op Du) zua jewi vu qez xjev iwis vjev cof xet gus. Tez vji 1tv ot 130l epf ovt cof aq vu 150l. Og zua xepv vu sifiin zua xomm jewi vu qez vji 150l. Vji usohopem coffis ot vjip sigapfif vjios nupiz. Op nepz detit nutv gumlt ev vji eadvoupt lpux iedj uvjis. Ov piwis jasvt vu miv vjin lpux zua xomm ci iyisdotoph zuas gostv sifinqvoup sohjvt tu vjiz dep fidofi puv vu cof up vji qsuqisvz. Fuxptofi ot e pixc opwitvus vjev kedlt vji qsodi xez aq vu vji quopv xjisi ovt quopvmitt gus zua vu sifiin vji qsuqisvz. Tef qesv ovt ataemmz qetv vji qsodi vjev nelit tipti gus vji coffis iovjis.

Edvaemmz jef vjev duni aq updi. Nz qesvpist vumf vji haz vjiz xuamf ci sifiinoph. Ji cof epf xup gus vji gusidmutif qsodi epf nz qesvpist gomif vji opvipv vu sifiin 1 xiil mevis (umf samit). Ji mutv uav up vji qsuqisvz epf xet mowof. O fup'v lpux og ji atif e jesf nupiz muep us puv, cav vjevt xuamf ci e dutvmz notveli. Tuni mittupt katv jewi vu ci miespif vji jesf xez.

Tussz epfwow, O lpux zua xisi muuloph gus vji vseptedvoup tqidogodt, cav O katv fup'v lpux jux vjev qesv ot fupi.