Buying Deliquent Notes
How do I go about buying a note that is in foreclosure from the bank without the home owner knowing? Thanks
How do I go about buying a note that is in foreclosure from the bank without the home owner knowing? Thanks
what I meant was.. Do I have to go through the home owner in order to buy the note from the bank? Or do I just go directly to the bank to make an offer on the note? Thanks
Any of you guys have trouble buying the notes directly from the banks?
I have found it quite difficult unless you have a proper level contact.
The banks usually have an "unreasonable" expectation on the purchase of such a note. I say unreasonable, because the banks lend out real money, asopposed t writing a contract for the appreciated value of a property, like an owner-financier will. The bank would sooner see this go to foreclosure than sell you the note at all.
If I buy the second then what do I do to protect my interest from the first? Is it better to buy the second note instead of doing a short sale on it? Thanks
If you own the second, it opens up a number of possibilities. Compared to short-sales (that can take a lot of time and effort), purchasing the Note can be faster and require less work.
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I have done over 40 short sales and I can tell you from experience, If you buy secondary notes, you have no protection whatsoever!
The secodary note holders are the first to get wiped out.
You could be left holding just that, paper. No Value
You have no protection only if you do nothing. If you reinstate the first, you can take over those payments and grab the Deed from the homeowner as well.
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I can help you with more information regarding purcgasing 2nd lien notes at huge discounts if you handle them correctly & I DO have the appropriate contacts to do so. There is far too much for the post so email me and I will provide my phone number if you would like.
chrysology
Do you have 2nds for sale or have access to a place where I can buy 2nds where you will receive a commission?
Mike
IBH20:
You have perked my interest and is seems to make sense, I also want to find out more about this process, do you or anyone have suggestions on where to start and gain so solid information?
Thanks
RAL