There is no additional risk to a senior note holder....except the fact that they may not get to take the property in the event of default.

The note holder(s) and borrower(s) should both sign the modification and notarize it.

Hello, I'm wondering if anyone could explain on how to negotiate with lien holders.

I guess you can't short sale since you are the note holder (grin).Be sure to check carefully to make sure they don't have any liens on the property-- which is very possible.

Then contact the first holder and offer to buy their contract for full price.

I am targeting the whole San Diego area as many properties are currently distressed, also its one of the few cities to see a slight increase in prices making it good for our end buyers (especially buy and holders) to make decent profit.

This will then risk the previously assumed safe position of the first mortgage lien holder.

But still I think my main question is why would a first lien holder accept a short offer when the FMV would be more than what they are owed?

Hi All,
I finally stumbled across this site! Very nice, I'm sure I'll be spending some serious time here.

First a little about my BG:
Been investing in RE for 2 years. Currently have 7 units and am running th...

However, again the SS, even with a second will effect the credit (if it's held by a credit reporting note holder or if any judgement is ultimately filed arising from that write down).