Listed below is a service that I currently offer to out of state investors who want to invest in the Atlanta metro and to newbies who want a second opinon or just simply some help analyzing their deals.

@James R aduna Hello, hope all is well. please help would it be best to refin and replace the first mortgage or add as second morgage?

I'm saving for my second and third hopefully by the end of this year.

I own a small landscape company, we are in our second year in business.

I second and third the idea to speak with a good real estate attorney.

You'll likely have to pay settlement costs, but here are some options (cheapest to most expensive):Purchase a property subject to original financing (depends on loan balance)80% first loan 20% second loanFHA loan (for owner-occupied multi family)Seller-financed property (if your credit score is 625+)Lease-option with small option consideration (not legal in all states)ARM loan (don't be surprised when rates jump soon)Private equity (get someone to partner with you and use THEIR money)Hard money loan (generally less than 70% of ARV for property)

An 80/10/10 means that 10% is your down payment, 80% is your first mortgage and the other 10% is a second mortgage.

So two of the first or one of the second.

Sounds like your 119k loan in default is in first position, just from simple math (if that was second, a first would probably be a larger amount, unlikely given your 164k estimate).

Second, that's something you need to take to a good real estate attorney.