Buying A Defaulting Note From Lender?
I have a customer that is going to be foreclosed on and I would like to buy the mortgage from the bank at a discount. I have her poa and authorization form. My question is do the banks usually sell there notes at a discount to investors and if so do I have to pay all cash or could I get a loan to buy it. I figure this way would be quicker than trying to do a short sale than purchasing the property at a closing. Thanks in advance for the help.
jkid
depends on the lender, LTV, CLTV other liens.
In my experience the want cash and ssign the not to you.
Realize what you might be buying... a lawsuit, BK, constently flipping in and out of default trashed build.
I have looked at this option in great detail.
goog luck.
thanks for the info!