It seems to me that it is possibly extortion. The 20k should be going to the first, to qualify as extortion I believe there has to be pressure or coercion. Of course if it’s the government doing it,i.e. IRS then I guess it’s ok.
[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.
[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.
[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.
[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.
[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.
