Foreclosure possiblility on it's 2nd mortgage
There's a house going to foreclosure in the small town I am in. I've been debating leaving this market as I already have 3 homes here, but with the new chic fil a and all the growth, I think any good deals i can find will make sense long term. The foreclosure is going because of a 2nd position loan, they have already paid half of the primary loan. The 2nd position loan is less than 20k, they owe just over 100k on it. I'm wondering if this could end up being a legal mess, or what kind of complications should I be expecting?
Ideally i'd like to buy the place for less than is owed on it total, then rent it out and refinance to get most of the capital back out of it.
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Super county/city dependent. Does the owner take title immediately or is there a waiting period between purchase and receipt of title? Is there a redemption period? Is it a single owner or is it an inherited property with multiple children owning it now? Assuming it becomes a bank REO is it going to auction or is it going to be listed on MLS?
Odds of getting it for less than what is owed are slim to none. The bank that takes the home will likely not list it for less than the note amount.