Bought a second lien, how to get short payoff with 1st?
I bought this condo on auction in front of county court house this month. It was a second lien. The bid started at 25K, I bought it for 56k. There was another guy there bidding with me. The first mortgage is 96K after about 10 years of payment, the loan's status is current, it had been paid until Jul. The first lender is Ocwen.
The condo is worth about 150k-160k. The outside of the building looks good. Have not seen the inside. For now I know the paint needs to be done in the condo and AC needs to be replaced.
Now I have several questions,
1. I want to negotiate with Ocwen for a discount on the payoff. In that way, I would not buy it exceeding the market value. But I don't know how to do this. Is there anybody knows about Ocwen, their regulation and how to do this?
2. Do I need to ask the original owner to sign a quit claim deed if I pay the loan under her name?