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Brian Pyle
  • Real Estate Investor
  • Redwood City, CA
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Trouble Locating Current Holder of 2nd Mortgage

Brian Pyle
  • Real Estate Investor
  • Redwood City, CA
Posted Dec 30 2012, 09:52

I am the note owner on a NP 1st mortgage on a property in Alabama. The property owner has moved out and has agreed to enter into a DIL agreement. There is a NP 2nd mortgage on the property that I would like to either purchase or negotiate a lien release for some fraction of the unpaid balance, prior to the DIL.

The 2nd lien has no equity backing and the last AOM that I can find lists an address that is no longer current. I am sure this note is still out there somewhere and will come back to haunt me if not handled prior to the DIL. I can foreclose and wipe out this lien, however I would much prefer the DIL path for both total out of pocket cost and time.

I would like to respectfully request some help from the massive pool of experience on BP with some strategy advice, advice/tips on locating the lien holder, etc.

The summary above greatly simplifies the situation, so please ask any questions of me that need to be answered and I will promptly get the info posted.

Thank you!

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