Buyiing a second behind a first in foreclosure

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Posted by DanM(OR) on May 20, 2004 at 22:50:51:

Buyiing a second behind a first in foreclosure

Hi All,

I have been working on a pre-foreclosure deal. Goes to the steps on the 26th. My contract with the selles expires tomorrow.

The seller has recently become hard to reach and I need him for the deed to close at the title company.

An alternative to dealing with the seller is buying the note from the second. I have an offer into the lien holder for $3700 on a $41,700 face vallue second which is 100% leveraged at the current proeprty condition.

I am not sure what my richts would be if I by the note and go to the auction. Could I bid one dollar and my note face value? Then I would just have to pay the first off right?

Any feedbback on buying a second in troulbel would be appreciated.

Dan in Bend OR

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