Posted by Paul_NY on June 03, 2000 at 02:53:43:
Ask the holder of the second to discount it to about 10 cents on the dollar. Use some persuasion. If the property goes to foreclosure, they’ll probably get nothing on the second.
“He who cares the least wins”
Let sleeping dogs lie? - Posted by Chicago Steve
Posted by Chicago Steve on June 02, 2000 at 16:48:20:
I?m working on a deal, appraised at $180K in mid ?98 after the improperly utilized addition and prior to remodeling the kitchen. After redecorate the main bath and some
carpet and paint I expect to appraise about 200K - 210K. There is a first @ $105K+/- in default with about $8K in arrears and fees. There is also a 2nd of $31K which has not
been paid in ?a long time? and has done little more than send threatening letters.
I?m looking at curing and keeping the 1st , taking the property subject to. I?m wondering if I need to address the second immediately? What have I not considered if I ignore it for now and deal with it when forced? I know it won?t just go away. Eventually they?ll take action but their sitting pretty safe today. How long might I expect they?ll wait to foreclose?