Posted by di on February 21, 2002 at 12:59:22:
HI SCOTT, I’ve done this a couple of times on 2nd mortgages held by my sellers. The first time the seller offered it to me, but after that I sent letters to the sellers explaining that I’m able to come up with a certain amount of cash at this time, though not the full balance owed, and would be able to pay off the 2nd for this lower amount and asking them to call me if they’re interested. About 1/2 took me up on the offer, 1 got offended, the rest just ignored it. I bought a lot of property nothing down with 2nd’s from the sellers, so these offers were spread over several years.
Hope this helps. DI