1st lien being foreclosed & 2nd lien was written off as profit and loss & account is closed (MN) …..?
So how does an investor buy the 2nd lien at a discounted amount?? I’ve been searching online and I came across this scenario on the “creative real estate investing” forum:
“1st was foreclosing and my partner and I offered the 2nd lien holder $ 5000 for his $ 20K note. He said that he would make up the arrears on the 1st himself and would be allowed to take the first subject to the financing, legally. He was a hard money lender, and said that it was an approved way for him to get the first sub2 and it would NOT trigger the due on sale”
Is this something I can do if I have an ‘investor’ willing to purchase the home and COD it to me??