The 2nd would not go to the expense to foreclose when they know there is no money in the property. If the first forecloses, it is all over for the second. That’s why all the seconds are worthless.
My question is… are the banks holding the firsts letting them go for less than the amount of the first? If the first is for 650k and someone offers 600k are they taking it? Or is it just routine for them to just take it back into their inventory of homes to put into the mls?
