Negotiate With The Second Lien Holder For A Discount??
Q: I am trying to work on a pre-foreclosure right now and the owner has a second mortgage. Should I wait to purchase the house at the auction? Or should I try to negotiate with the second lien holder for a discount??
A: - You cannot close the purchase until the 2nd is paid off. Consult your local closing agent or title company for specifics in your area. - That's just one option. There are dozens of ways to structure a deal to make a buck, but each situation is unique and there is no one answer.