Posted by Nate on March 28, 2001 at 17:34:28:
I wouldn’t call it a snag…more like a MAJOR GAPING HOLE!
But seriously… you said she was EXTREMELY motivated. Why? Is she about to go into foreclosure?
If so, you may have a more realistic shot of getting the second to discount. The other option would be to wait until it is foreclosed and goes back to the lender. That would wipe out the second and you could try to buy it for a more reasonable price. That wouldn’t help her, but it would allow you to make some money. Bottom line is, if she can’t pay the mortgages there is no way out (other than foreclosure or a deed in lieu of foreclosure) because the value of the debt exceeds the value of the property.
Or is she just really motivated because she thought she could sell a property worth $43K for $66K?!
Anyway, good luck.