Negotiating with junior lien holders

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Posted by IB (NJ) on February 18, 2003 at 21:19:41:

Do any experienced Investors have any advice for negotiating with junior lien holders? Here's the situation:

1st mortgage holder is foreclosing for $32k (I'm sure its more with fees, etc.). There's a second for about $66k and a third for about $20k. Prop. back taxes are about $12k. The ARV for the place is probably about $140k. The second tried foreclosing about 2 years ago but gave up when it realized that there was a first and not much equity in the place.

Does anyone have a script or approach that has been successful for them? Thanks.

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: Do any experienced Investors have any advice for negotiating with junior lien holders? Here's the situation:

: 1st mortgage holder is foreclosing for $32k (I'm sure its more with fees, etc.). There's a second for about $66k and a third for about $20k. Prop. back taxes are about $12k. The ARV for the place is probably about $140k. The second tried foreclosing about 2 years ago but gave up when it realized that there was a first and not much equity in the place. 

: Does anyone have a script or approach that has been successful for them? Thanks.


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