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Updated over 8 years ago on . Most recent reply
- Real Estate Broker
- Columbus, OH
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How Reluctant are Private Lenders to Loan with 2nd Position Lien?
For example, a purchase money mortgage with the seller carrying the note/mortgage? Any advice on how to structure seller finance to make private money more interested?...
- Brandon Sturgill
- 614-379-2017
Most Popular Reply
#5 Wholesaling Contributor
- Real Estate Broker
- Naples, FL
Pretty much 100% reluctant here. Others may be fine with it. I guess it could boil down to what is owed on the 1st, questioning IF the 1st will pay, and what they want on the second. If the 1st defaults, 2nd must come in and pay it off it headed to foreclosure. If in that stage, not only will 2nd have to pay loan balance but also unpaid interest, legal fees, etc which could really run up the bill. Purchased a house in foreclosure a while back. Legal was about 12K that I had to pay if I wanted the house..so I did. Didn't make the deal any sweeter:)