I'm in Second Lein position owner has offer Deed In lieu

[Richard Keller]

I'm in second lien position and property owner was attempting a short sale which was approved by bank but not all of the liens in time. We have a relief of stay for our item in the bankruptcy and will mostly likely try and beat the first to foreclosure. We believe we can at least get the property for a reasonable amount related to market value. The owner has offered to Deed us and I was wondering if that helps us offer a loan mod to assume the first ( it is assumable surprisingly ) at a discount which we can guess the number based on the short sale approval. And we can then foreclose or negotiate the junior liens and currently rent the property to make it a performing asset version failing asset. Is this anything anyone has done in second note positions??