Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 54%
$32.50 /mo
$390 billed annualy
MONTHLY
$69 /mo
billed monthly
7 day free trial. Cancel anytime
×
Take Your Forum Experience
to the Next Level
Create a free account and join over 3 million investors sharing
their journeys and helping each other succeed.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
Already a member?  Login here
Tax Liens & Mortgage Notes
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated about 14 years ago on . Most recent reply

User Stats

24
Posts
1
Votes
Mike Rash
  • Real Estate Investor
  • Livingston, NJ
1
Votes |
24
Posts

DEED IN LIEU - how to negotiate with 2nd and 3rd

Mike Rash
  • Real Estate Investor
  • Livingston, NJ
Posted

This is a follow up to my previous post.
I wanted to buy a NPN note (1st Mortgage) from the bank and then foreclose (hence acquiring the property).
However, there is 2nd and 3rd Mortgage. I did some future research and discovered that the foreclosure process in NY would take 24 month to 36 month (This is a DEAL BREAKER).

Some posters suggested doing a DEED IN LIEU… If I am able to locate the borrower, how would I go about negotiating with 2nd and 3rd lenders?
The balance on the 2nd is $150k and 3rd is $80k… Can you guys recommend how to proceed?

Most Popular Reply

User Stats

21,918
Posts
12,876
Votes
Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
12,876
Votes |
21,918
Posts
Bill Gulley#3 Guru, Book, & Course Reviews Contributor
  • Investor, Entrepreneur, Educator
  • Springfield, MO
Replied

See what the first will take if it can be had at all. When you have a price, contact the 2, 3 you will then know what you could pay. Close all there at the same time subject to acquiring the other liens, that way you won't get stuck buying the second and having the bank or 3rd back out on you. If the MV is what the 1st is, you fell in love with a property because there probably isn't enough there to discount making this a deal to chase, IMO

Loading replies...