Question About 2nd Lien Notes

[Dale T.]

I know you can make good money off of Buying seconds But what if you cant move them? I have a hard time thinking banks that buy seconds like Greentree etc just lets these go to foreclosure if they do not get there 5% amount out of it. I recently had one where they were the second and wanted 17K on this house (5%) or nothing. The First offered them 5K and they refused. Was not a deal on my end to give them anything more then what the 1st said they would. So they let it go to Foreclosure! So my question again is why?? why would they or anyone buy these if you were going to lose any amount of money?

Heck, why not take 5K for it? They probably only bought it for a few hunderd or so in the first place. Is there money to be made at the Auction? If your in the Second Lien Position? I always thought No. Is there insurance covering these? I cant think Why they would? Thanks