OfflineI found a 4 plex for 20k needs 15-20k in repairs and the investor that is advertising it owns the 2nd mortgage and the 1st is in pre- foreclosure by Chase bank. Who do I negotiate with and do I have to buy the 1st and 2nd mortgage to own the property? Just confusing to me,never dealt with a 2nd mortgage yet.
Thanks
Justin
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"This is only the beginning"
Once the Chase acct is released, the 2nd will follow
I am pretty sure you have to deal with Chase, since they are in the 1st position. Sounds funny though the owner is holding the second. Could be more to this so I would call Chase to see what you can find out....Jan
The house is practically yours if you want it
Is the investor the owner?
Why does he have a second mortgage?
I would check county records to check owners name and any additional liens on propery.
Based on the 2nd mortgage holder also being the owner there is really no 2nd mortgage since this can be negotiated out.
If the owner is someone else then you need to talk to them to see what their plans are for the property. Investor may be trying to look out for his interest as 2nd mortgage holder.
Since 1st mortgage is in pre foreclosure then you would need to know how much is owed in back payment plus check for back taxes.
Then negotiate with owner and get permission to talk to Chase about the 1st mortgage.
Good luck and let us know how it goes
Lee
As far as I know he just bought out the 2nd mortgage of the property
"This is only the beginning"