Posted by John Behle on March 12, 1999 at 21:25:26:
Negotiate the best deal you can, but face value for this note would still be fabulous. The second is behind you, so you will be paid first. If they have any sense, then they will re-instate your loan and foreclose themselves. If they start showing any interest, then I would negotiate to buy out their position at a discount.
Yes, make a written offer and close through a title company or attorney. You will need a careful search of the title and ideally, title insurance. You do need to make sure that you really are the first lien and that nothing threatens your position.