Trouble Locating Current Holder of 2nd Mortgage

[Brian Pyle]

I am the note owner on a NP 1st mortgage on a property in Alabama. The property owner has moved out and has agreed to enter into a DIL agreement. There is a NP 2nd mortgage on the property that I would like to either purchase or negotiate a lien release for some fraction of the unpaid balance, prior to the DIL.

The 2nd lien has no equity backing and the last AOM that I can find lists an address that is no longer current. I am sure this note is still out there somewhere and will come back to haunt me if not handled prior to the DIL. I can foreclose and wipe out this lien, however I would much prefer the DIL path for both total out of pocket cost and time.

I would like to respectfully request some help from the massive pool of experience on BP with some strategy advice, advice/tips on locating the lien holder, etc.

The summary above greatly simplifies the situation, so please ask any questions of me that need to be answered and I will promptly get the info posted.

Thank you!

[Account Closed]

I think of myself as pretty good at finding someone to work with when it comes to missing lenders and/or defunct corps. And I love a challenge.

Who's the lender? is it institutional or a private party? is the current note holder the original lender? How much is the lien? You say your description of the situation is over simplified. So what are the complications?

Since I don't know anything about your experience, I have to ask: Are you 100% sure that a DIL is the best move? Have you looked at title and are you experienced enough to know what to look out for with DILs? In my opinion, DIY DILs are not a good idea unless you know what you are doing. Have you asked title for assistance with the 2nd lien?