Purchasing Second Mortgages

Comments(17)

• 
  cjmazur23rd December, 2008

  pretty much any point. All depends on the deal and the lender.

• 
  cjmazur27th December, 2008

  was any further discussion had on the mod/refi?
  
  2 loan I have been working, loss of job/reduction in pay was a specific yjru epi;f consider it.
  
  Have you looking at the FHA conforming price/jobs size loans?

• 
  shahjoy2nd December, 2008

  Hi; Maryann, I saw your posting and I was wondering if you found out anything about the company Pledge Property II, LLC?
  
  Thank you.
  
  Joy

• 
  bigbende3rd December, 2008

  Bought a REO from them they responded quickly but were a pain to deal with. they brought in thier own tital company adn paid for it but they were pretty bad at getting things done on time. My offer was a bit high probly so they jumped at it. only took a week to get an offer accepted.

• 
  TheWetBeaver26th December, 2008

  Does anyone have contact information about Pledged Property II LLC?
  
  Thanks

• 
  TheWetBeaver26th December, 2008

  From what I can gather a property in my area was forclosed (went to auction) then the bank won the auction, then just recently county records indicated that Pledged Properties II was the owner of the property. Since Pledged Properties II is not a bank as far as I know of then they might consider an offer from me before the property gets listed. Just trying to find a phone number of a representative.

• 
  JohnLocke26th December, 2008

  Google in Pledged Properties II, seems there is info on them there.
  
  John $Cash$ Locke

• 
  TheWetBeaver27th December, 2008

  Google was where I looked for that information first, which is also how I found this thread. I was hoping that someone who posted above who had contact information could pass along a name a telephone number for one of their representatives. This is althogther new to me so any help is much appreciated while I do this legwork.

• 
  ITBInvestor27th December, 2008

  Pledged Properties II has a public nuisance property in Raleigh that the Raleigh City Council has ordered demolished. From public record in my NC county, the "Pledged Properties" AKA "Pledged Property" (is this a public records indexing nightmare or what?) companies seem to be a dumping ground for properties from some banks. BoNY, Firstar Bank (Milwaukee), Litton Loan Servicing (Houston) and other banks deed properties to Pledged Properties II who then disposes of them... most of the time.
  
  The NC Secretary of State lists the PLEDGED PROPERTY II LLC registed agent as Corporation Service Company (Raleigh office), with the Principal Address as: 335 Madison Avenue 19th Floor, New York NY 10017 (Bank of America Plaza.)
  
  I also found an address at http://www.personalhomeloanmortgages.com/new_york:
  Pledged Property Iii Llc
  335 Madison Avenue Fl 19
  New York, New York 10017
  (212) 850-7700

• 
  cjmazur30th December, 2008

  Here is a summary of what I have found.
  
  loans that were a slam dunk b4 are now impossible
  
  sub-to under greater scrutiny
  
  double close hard/impossible to do in CA at least.

• 
  JohnLocke30th December, 2008

  cjmazur,
  
  Why are Subject To deals under scrutiny at this time when every lenders plates are full of foreclosures? Is there some reason they would be calling performing loans?
  
  Please expound on your statement and cite some cases where this has happened.
  
  John $Cash$ Locke
  [addsig]

• 
  jbarczewsk14th January, 2009

  thanks Neutrino,
  
  Your response is is clear and concise

• 
  InActive_Account2nd May, 2006

  Which state are the properties located?
  
  You need to be clear on whether the property is in the process of foreclosure (Countrywide is the mortgage holder doing the foreclosing)
  
  or whether the property already went to auction and Countrywide took title at the sale. (REO)
  
  If Countrywide has title to the property, call their REO department and inquire about making an offer.

• 
  charlotteinvestor3rd May, 2006

  Lets be real panic,
  
  who ever gets in touch with a reo department if one exists. What he needs to do is find out what trustee is handling the property and contact them directly.

• 
  charlotteinvestor6th May, 2006

  TRUE!!!!

• 
  cjmazur5th January, 2009

  have you check the CW website?
  
  is it really CW or was it part of a MBS?

• 
  bargain765th January, 2009

  Hi Air dale..... When the property goes to foreclosure auction sale in Florida, the Bank may bid the judgement amount....the Bank may bid 10% above the judgement amount.....or the Bank may bid WAY BELOW the judgement amount.....like discounting the property as much as 70% below the judgement amount.
  
  We have bought several hundred FL properties at foreclosure auction in the past 5 years and I have found nothing to predict what the bank will bid in relation to their judgement.
  
  Go for it and hope for the best!
  [addsig]