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| Here you can force a sheriffs sale. You usually bid what they owe you and then the property is yours. Of course the property is still subject to the liens ahead of you. This works OK if you have the cash or credit to buy them out and the property is worth more than the first mortgage. Either way you do it you will have to take care of the first mortgage. If they have stopped paying the first mortgage they might sell the mortgage to you for a a reduce price. If they have no equity you are pretty much sol. All you can do is wait until they get the first mortgage paid down or the value of the property goes up. We went through a similar deal. Most people took 30- 50 cents on the dollar to get their money. You might also keep an eye on the tax sale roles. If it is sold for taxes you will lose all claim after the wating period. | |
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Keep it legal
