Preforeclosure w/ lots of equity but has multiple liens/loans
I am a new investor. I came across a property with lots of equity (about $520k), but it has loans totaling over $2M. I think the loans are for a business or something else. It doesn't say but it shows up under mortgage on the report. Is there any way I would be able to buy the property and get the owner equity but not have the loans attached to the property?
Here are the numbers:
Original Loan Amount
$417,000.00
Loan Balance
$2,600,000.00
Judgement Amount
$419,907.00
Estimated Value
$939,000.00
Equity
$519,093.00
This is the mortgage history:
| Recording Date | Loan Description | Loan Amount |
|---|
| 2/26/200 | Fixed Rate | $30,000.00 | ||
| 12/4/2003 | Fixed Rate | $210,000.00 | ||
| 4/11/2005 | Variable | $389,500.00 | ||
| 10/24/2005 | Construction Variable | $850,000.00 | ||
| 10/18/2006 | Variable | $1,000,000.00 $120,000.00 | ||
| 1/8/2009 | Fixed Rate | $417,000.00 | ||
| 1/20/2010 | Home Equity Line of Credit (HELOC) Variable | $200,000.00 | ||
| 7/15/2011 | Home Equity Line of Credit (HELOC) Variable | $350,000.00 | ||
| 9/19/2012 | Construction Unknown | $900,000.00 | ||
| 5/9/2013 | Unknown | $1,550,000.00 | ||
| 9/26/2013 | Unknown | $2,600,000.00 | ||
| 10/6/2015 | Fixed Rate | $429,923.00 | ||
| 09/19/2013 | Conventional | $2,600,000.00 |