Skip to content
Tax Liens & Mortgage Notes

User Stats

11
Posts
5
Votes
Amber Bennett
  • Woodbridge, VA
5
Votes |
11
Posts

Owner sells home. 1st Note current. 2nd Non-performing. Now what?

Amber Bennett
  • Woodbridge, VA
Posted Apr 7 2018, 19:56

Good day, All! 

New to this whole note buying business and I have run across an interesting scenario that I'm hoping you all can help me out with. I just bought a non-performing 2nd note on a home where the 1st note is current, but I just found out the house is under contract and listed for 189K.

1st note balance is 196K.

2nd note balance is 51K.

Market Value is 232K, but it's listed at 189K.

To me, the math just doesn't add up. If this house sells for the listed price, what happens to my 2nd note?

Thanks In Advance, 

Amber

Loading replies...