subject to with a small second - Posted by Shelby (GA)
Posted by Shelby (GA) on February 03, 2000 at 13:51:22:
I have the opportunity to purchase a property in a decent rental & retail area. The balance of the 1st mortgage is about $63,000. Monthly payments are about $590. The owners obtained a small second to do renovations for $13,000. Payments are about $200 a month. They will be foreclosed on next month. I talked to the wife and they are willing to sign the property over to me. I’m pretty sure on how to handle the 1st position mortgage holder, but I’m not quite as sure with the second. Any responses are welcomed.