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Updated almost 5 years ago,
Subject To deal analysis - Heloc 2nd creditor position is high
I'm analyzing a pre-fore/subj to and the 1st mortgage (balance due) is not too onerous. 2nd creditor in line (Heloc) balance is very high. I'm not sure how to proceed with Heloc creditor in terms of negotiating with both lender and existing Homeowner. In theory, my goal would be to negotiate this high Heloc balance down for the homeowner, then in turn, take over existing mortgage Subject To, and find a tenant buyer (Lease Option) on this property. Any thoughts on how to remove Heloc lien on this property so I can take over Deed and Title?