Discounting mortage
Hello. I have a question. How do I approach a bank about buying a mortage at a discount? Do I have to get owners permission or is it just between me and the bank? What department of the bank do I contact? Thanks in advance. Happy investing to all, Alexander. :) :)
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Your proposed transaction would not involved the homeowner (mortgagor).
Your initial inquiry should be directed to the Customer Service Department who might understand what you are trying to do and transfer you to their Investor Relations department.
Much depends upon the type of mortgage/note you are trying to purchase, who the holder of the mortgage might be, the holder's investment philosophy, and how difficult it may be to extricate the mortgage from it's position (possibly as part of a pool of mortgages).
Thank you.
Alexander.