[quote=DataAgent]How is this extortion? The 2nd lender has legal rights to the property. They are offering to release those rights at a discount to the owed amount. Sounds like you’re getting a good deal.[/quote]
The buyer is not the one that took out the second mortgage in the first place. Sounds like paying for someone else’s debts to me, I don’t think so! Personally i would just wait it out till it goes to foreclosure, then buy it at market value.
