Updated over 14 years ago on . Most recent reply
DEED IN LIEU - how to negotiate with 2nd and 3rd
This is a follow up to my previous post.
I wanted to buy a NPN note (1st Mortgage) from the bank and then foreclose (hence acquiring the property).
However, there is 2nd and 3rd Mortgage. I did some future research and discovered that the foreclosure process in NY would take 24 month to 36 month (This is a DEAL BREAKER).
Some posters suggested doing a DEED IN LIEU… If I am able to locate the borrower, how would I go about negotiating with 2nd and 3rd lenders?
The balance on the 2nd is $150k and 3rd is $80k… Can you guys recommend how to proceed?
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#3 Guru, Book, & Course Reviews Contributor
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See what the first will take if it can be had at all. When you have a price, contact the 2, 3 you will then know what you could pay. Close all there at the same time subject to acquiring the other liens, that way you won't get stuck buying the second and having the bank or 3rd back out on you. If the MV is what the 1st is, you fell in love with a property because there probably isn't enough there to discount making this a deal to chase, IMO