I’m guessing you’re asking the first mortgage holder to take less than the balance due. Even at that “price”, be sure the house is a fair value market-wise. Just because it’s less than what is owed doesn’t mean it’s a good price. Also, any second mortgages on the place? And does THAT lender know about the deal?
Is the seller behind on payments? May or may not be. If they are, are they behind on taxes, etc? All of that will shake out by/at closing, but it’s nice to know about that stuff in advance.
Thanks!! I will print this and bring with me tomorrow!!