Getting creative on a Property with a 2nd

[Jacob Morgner]

Is it possible to structure a purchase on a property as follows:

Negotiate with the 1st to get the purchase price down to reality while simultaneously keeping the 2nd satisfied?
Can I keep the 2nd involved somehow? Maybe paying him off completely or structuring him back into the deal?

[Steve Babiak]

The first can eventually just foreclose and totally extinguish the second. So if the first is taking a discounted payoff, the first is definitely going to require the second to take a more severe discount.