Buying A Deliquent Note Instead Of The Short Sale?
Hello, I was wondering If anyone has tried something like this?
Once you get the approval signed to release information, you contact the bank, then make them an offer to purchase not the property for a short sale, but instead the discounted mortgage note. set a closing date in a few weeks with some sort of weasel clause, then get with the homeowner and get the deed put into escrow to cover your new investment. Does this seem doable? seems like it would get around seasoning and all kinds of other issues, you could promise the homeowner some cash this way, and the over all turn around time would be nil compared to working a short sale. thoughts please, thanks
Quattro
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