Note Buying With Foreclosure I Ask Before But No Ans

Comments(7)

• 
  64Ford23rd September, 2003

  Seems if they are foreclosing on a note they can't find, they should be able to sell the same note they can't find.
  
  Get an offer into them, and make us proud!

• 
  donanddenise23rd September, 2003

  Unless you get the owner to agree, you can't buy the note, the bank has a legal responsiblility to the owner, they must foreclose before they can sale to you.
  good luck
  
  Don

• 
  DaveT23rd September, 2003

  donanddenise,
  
  Not sure I agree with this comment. The note is an asset owned by the bank. Isn't the bank free to sell the note to any note buyer who makes the bank an acceptable offer? Banks often sell notes to other banks without first consulting with the property owner whose mortgage secures the note.
  
  Now, if you had said that the bank could not sell the property (which they don't own) until after the foreclosure sale (and then only if the bank becomes the owner) then I would agree with you.

• 
  tbelknap25th September, 2003

  Your right John. I have had banks willing to sell me their notes without the owners permission. Investors do it all of the time.
  
  
  Tom

• 
  SanPark28th September, 2003

  Buy the note.
  [addsig]

• 
  search4phb28th September, 2003

  Quote:
  On 2003-09-23 22:12, LynLinz wrote:
  Summary final judgement in 3 wks will set date for sale
  
  I was thinking about approaching the bank to buy the note [since the owner can't make up her mind ] She will probably let it go to foreclosure, she has no money and the house is in bad shape.
  Only I know that the note has been lost by the bank so my question is:
  Can I still buy a note that the bank can't find ?
  I wonder what the bank will say about it

• 
  search4phb28th September, 2003

  Request a short sale from the Bank. You have to get a signed contract from the seller to do it and with 3 weeks you do not have much time!