Have a great day,
Heather Paul, Realtor
If you can give me for information I can definitely check this property out in more detail and design a plan for you to purchase it if it is in fact a reasonable deal.
Excellence Real Estate
The lienolder is going to end up having to make the taxes current so this rolls it in to the outstanding mortgage balance and provides the best chance for the first to recover the funds.
Have the seller file a BK, ( find someone who can do it relatively cheap --- I know someone who will do this who is also knowledgeable in the short-sale foreclosure process and charges like $600 ) this will postpone the trustee sale, that will buy you some time to get the short-sale process moving forward, figure things out, hire and agent or whatever,
although some lenders won't proceed forward until the BK is discharged --you will at least have things in place because lenders WILL usually postpone a trustee sale date if there is a signed purchase agreement in their files - but you avoid having the potential loss of the property while scrambling ..........BK postpones only , not eliminates.
I have used this techique of BK several times.....its a tool
hope this helps
Is there an agent involved? Do you have a purchase agreement with the owner? ..... Has the owner files a BK?
First, get into a signed purchase agreement with the owner. It seems that the owner is in some sort of financial hardship. Contact all lien holders to negotiate for short sale approval and close it.
With all due respect to Emily's comments, you have stated that the SECOND is the lender who is foreclosing, not the FIRST. If the first has not begun a foreclosure procedure and just the second is foreclosing, the process will not necessarily follow the path she has outlined.
Based upon the facts you've given, I stand by my answer, with the added recommendation that you contact a real estate attorney or broker/attorney to assist you, should you decide to negotiate with the 'foreclosing' party.
Keller Williams Realty
If the 2nd lien holder is foreclosing, this means that in a foreclosure sale the 1st will be paid off in full. Maybe the ENTIRE balance is the 2nd lien is still much higher than what the property is worth?
It is ONLY going to be in a successful short sale negotiation that you're going to be able to get the property for Less than Fair Market Value & the 2nd note holder being acceptable of a SHORT PAYOFF.
If you don't have an agent you're working with on this, please contact me asap OR if you don't do that, you need to be in contact with the Owner right now, then get a Realtor involved so you can present a short sale offer to the 2nd lien holder before they take it to auction.
AND, if the 1st lien holder was the one who just paid the property taxes current, the owner will need to get a current DEMAND statement from the 1st to see what the new loan balance is & whether or not this will affect or not affect the 1st being in a Short position or not.
Shoot me an email directly if you want to talk about this some more. I don't look back on this same Trulia thread for answers posted after mine.
Realtor Since 1996
Main Street Realtors
call me if you need any help. Good luck 818-795-0618 email@example.com
Based upon the facts you've provided, the best strategy is to go directly to the 2nd, buy out their note, then step into their role as the 2nd and acquire the property through the foreclosure sale.
Associate Broker #01142186
Keller Williams Realty
1660 Hillhurst Avenue
Los Angeles, CA 90027
2nd question: the primary or secondary probably paid the taxes to avoid the county selling it on the court house steps. In my area 2yrs in arrears is when the County takes action