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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: David Jones who wrote (14736)10/31/2003 8:23:12 AM
From: TradeliteRespond to of 306849
 
David, seconds don't appeal to a conservative investor like myself who would lose sleep knowing my money is in the hands of a borrower who's getting into trouble on his first and that's why he needs the second. Some of these cats wind up with thirds and fourths before you know it. However, it's certainly possible to make a whole lotta money with them. And many people do.

Wouldn't be adverse to investing in firsts, and would actually welcome taking back half-way decent properties in a default situation. Now that I have free time for the first time in my life, this concept looks appealing. If credit tightens up considerably, there should be more of these opportunities around.



To: David Jones who wrote (14736)11/1/2003 6:36:08 PM
From: JBTFDRead Replies (1) | Respond to of 306849
 
I will point out one thing about seconds which may or may not be obvious to you. It is that if you cannot pay off the first then your second is at risk. For a second holder to put in a credit bid at a foreclosure sale they have to be able to pay off the first. Otherwise, if the value isn't there in the home, it may go to the first lien holder, and the second holder loses out.


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