The second mortgage would not disappear. If you are negotiating a purchase for a home and your offer barely covers the first mortgage and you wanted a clear title to the home the first morgage holder would have to agree to take the loss or the seller would have to pay the diffence at closing. The second mortgage holder would have to be satisfied as well for you to have a clear title.
It appears that this may be a short sale situation if your purchase does not cover the first mortgage.
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If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
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The second mortgage would not disappear. If you are negotiating a purchase for a home and your offer barely covers the first mortgage and you wanted a clear title to the home the first morgage holder would have to agree to take the loss or the seller would have to pay the diffence at closing. The second mortgage holder would have to be satisfied as well for you to have a clear title.
It appears that this may be a short sale situation if your purchase does not cover the first mortgage.
If you would like the chance to work with me or one of my fellow real estate investor coaches and our advanced training programs, give us a call anytime to see if Dean's Real Estate Success Academy and our customized curriculum is a fit for you. Call us at 1-877-219-1474 ext. 125
2nd lien holders are the worst
Less flexible than the first