Okay... we are finally seeing some movement! Please tell me what will likely be the next steps...
US Bank owns the 1st Loan (at $849,000)
US Bank does not know who owns the 2nd (but we know it's around $190,000)
We put in our offer at $800,000
US Bank is appraising the property this week. In the meantime, they are going to locate the Lender for the 2nd and let them know that a SS has been requested.
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Can you tell me what will likely happen next? Does the Lender on the 2nd usually just accept the loss or might we run into some 'walls' on this? Any feedback would be appreciated!
We've been waiting for 2 months and REALLY want this house!
Thank you! ~B
[ Edited by ConfusedMomma on Date 01/27/2008 ]