I was tracking a house foreclosed on first lien, but the auction date was just pushed off and off and it doesn’t seem it will happen.? Now I looked at the second lien (which is not foreclosed) and it looks like there might be some equity left on that lien (after the foreclose).? I heard you can buy 2nd lien from lender for a big discount (10% of the balance?) so I might end up with some profit after the house foreclosure by taking some risk.
The 2nd lien is Bank Of America, so I called BofA’s mortgage department, but the customer service rep doesn’t understand what I was trying to do and she doesn’t think I can buy directly from them, she said all the loan transfer has to be initiated from homeowner.
But I heard that was done before, which department (or phone number) should I contact for Bank Of America?