I found this property I'm interesting in CT. A builder was building it on spec. and defaulted on the loans. Its about 75% complete and needs finishing. I think a great deal can be worked out but the problem is that there are multiple liens on the property at this point. I believe there are now Tax liens, 1st and 2nd mortgage liens as well as mechanics liens on the property. My question is how can one go in and work a deal out here? I know I can try to find the tax deed on it but other than that what can one do?
My initial thought was I can go in and pay the tax lien off because its small but what about the rest? Can I work with the 1st lien holder at a price and the others get wiped out? or will they stick around and I would have to negotiate with then as well? Its a little messy. Thanks but your help is appreciated.