Rehabbing & House Flipping
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 1 year ago,
2nd lien assuming the first. A few questions if anyone can help.
Hello all. I used the BP search function and there's a lot of great info on the topic buy I'm left with a few questions if somebody can answer. 1. When buying the 2nd lien, can you contact the senior lien right away for a payoff? 2. Where do I obtain the first mortgage information? Is this available through a title search or local county recorders office? There's a 2nd lien coming up for sale in my area. I would be a lot more interested on submitting a bid if I had a clearer picture of the senior lien. The house is vacant so it's extremely likely the owners are not performing on the first. This would be a flip. I'm not sure if I have to payoff the first before listing or go ahead and put the house for sale and title will get the payoff during escrow.
Random question. Are there any benefits to buying a junior lien if the owner is current on the first?