Pre-Foreclosure - Negotiating Down the 2nd Mortgage
Hi everyone. I am a newbie, and I have been looking at pre-foreclosures. I found one I am interested in with these numbers:
ARV: $550,000
Loans: $350,000 1st
$150,000 2nd
If this property goes to auction, does not sell, and becomes an REO, the lender on the 2nd will get nothing, correct? So as an investor, am I able to negotiate down the 2nd with that lender, before I purchase the property directly from the owner?