Posted by dewCO on November 17, 2000 at 10:39:14:
You dn’t say which loan(s) have arrearages. If it’s just the first you need to get the deed from the seller and then try to negotiate a short sale payoff (discount) on the first, just like you’ve done on the second, so that you can sell and make some profit. Be sure to factor in the condition of the property for the quick resale. If it’s not good, then it will need to sell for less. The only hope I see is if both lenders will take less than their notes in orderfor you to do the resale for them. They save time and moiney because they don’t have to go through foreclosure.
The seller needs to either deed to you and step out of the way, or just let it go to foreclosure.