2nd liens are Tough - Posted by Michael Morrongiello
Posted by Michael Morrongiello on April 01, 2002 at 12:58:21:
There are VERY few “takers” for newly created 2nd lien priority Trust deed “paper” especially where you would be buying this townhome for investment purposes…
Why not consider purchasing the property and having the seller take back ONE 1st lien Trust Deed & Note that can then be readily sold to generate the cash needed to retire the existing 1st lien & 2nd liens, pay off the Homeowners association, and get the property seller some cash as well?
The down payment to be put down, occupancy, use, credit profile, credit scores, and repayment terms of the Seller financed Note & Trust Deed will all have to be looked at to formulate a realistic “pay price” for such a seller financed 1st lien Trust Deed & Note.