Are We Second Mortgage Buyers or Second Position Deed of Trust Buyers?
Announcement: We are now private second mortgage buyers and second deed of trust buyers (performing seconds). Call for a quote today on selling a private 2nd mortgage. 1-877-655-5625
I’m afraid I don’t have a cut and dried answer to the question of “Are we second mortgage buyers?” or “Are we second position deed of trust buyers?” The answer is sometimes but not often. In this real estate market, a second mortgage can virtually evaporate with a drop in property value. Many second mortgages are already “under water”. Rather than elaborate on all the situations where we would not be buyers of second mortgages or deeds of trust in second position, let me describe the two situations where we would consider buying a second mortgage.
The first situation is where the first mortgage is pretty small as compared to the second mortgage and the value of the property. This allows us to buy the first mortgage if need be to prevent a complete loss if the second mortgage turns non performing.
The second situation where we might be a second mortgage buyer or second position deed of trust buyer is where the second is completely “under water” and the first is a conventional mortgage. So there you have it. If you are trying to sell a second mortgage or trust deed that doesn’t fit these two situations, I would recommend seeking other mortgage or deed of trust buyers. Good luck.