SS HELP Definitely Different

[Jim Stallings]

Hey, I was wondering if anyone could help me with this. It's different to say the least. I'm working this deal with a seller in foreclosure. I've got seller to agree to let us take the mortgages subject-to and give him 40k cash. The ARV is 220k home needs 5k in repairs maybe. He has a first of 42k and a second (HELOC) of 18k. The reinstatement on the first is 29k, yes 29k. The 2nd is not in arrears. Both mortgages are through BofA, if it matters. I've always heard it's easy to get the 2nd to accept 10% (1,800). Is this true? Do you have to do a full short sale, or do you just show the first is in foreclosure? What can I do? Also it's not listed w/any agent.