Posted by Geoffrey Faivre-Malloy on December 06, 2000 at 01:36:42:
If you pay on the first and he doesn’t pay on the second, the second note holder has the right to foreclose.
Why not try getting him to deed you the property and then work out a deal to discount the second. Motivation for the person holding the second would be they would probably be wiped out if it went to foreclosure (which it looks like it may happen with 3 payments behind).
G-Man
NEED HELP - Posted by Ali MANSOOR
Posted by Ali MANSOOR on December 05, 2000 at 22:40:06:
hi to everyone
need big help
i have a possible despret client who is behind his payment due to divorce
1st loan is for 83 + 3 in back payments
total 86,000.00
2nd 22,000.00
total 108,000.00
he told me tht he is willing to pay on 2nd if it save his x wife credit if i take care of first.
If i pay on first and he defaults on 2nd wht happeneds
thanks
Ali