Thanks for your quick reply. yes I have been following the strategy for almost a year now.
It has been charged-off already. This is the first contact with them and we are trying to make something happen with the 2nd.
Question1: Why do you think it is off. 850 - 780 - 50 = 20. so they will get 20 if they take it to extreme step of foreclosure. isn't it?
the other thing is I don't know the exact value of home. zillow puts it at 900, eppraisal at 850
Question2: Is it ok to provide copy of 1st mortgage statement to the 2nd lender.? any issues.
In theory, they could find this out from credit checks or simply calling the 1st lender. right?
I agree with you that if nothing happens now, I can simply wait.
It doesn't hurt to wait except that the property values are going up in our area.
Thank you again!