Creating A Note To Purchase A Mortgage...
I've found a property with a deceased owner. The heirs are not interested in the property but so far are not willing to assign me their interest in the estate. The property is heading to foreclosure; lis pendens notice was filed 12/01/03.
Someone suggested buying the mortgage at a discount. To finance such a purchase I'm wondering if a note could be created and sold at a discount to cover the cost of purchasing the mortgage.
The property is in Gainesville, FL; the principal is about $60,000 (would hope to purchase at a discount, say $52,000) and the property value is conservatively $90,000 (tax assessed at $83,800) and appears to be in good condition.
Any comments or suggestions are appreciated. Thanks.
[ Edited by Leg on Date 01/03/2004 ]
A little confused believe. The note that you want to buy would be the collateral for the lender that will loan money to you. Any other notes or liens created and recorded would be inferior in position. The original lien would be transfered to you and at the same time you would pledge it as security for the loan, I hope this helps some.
Good LUCK and Thank You
Hope this helps some
Ted Jr
You may as you wish try for discount, but if it is held by a financial institution I doubt if they will play. Why not just buy with an investor the note now in foreclosure and merely continue the foreclosure thus gaining the property. If you feel that there might be competition at the sale, then deal with the persons on title or who claim a position as to title. Make your deal, recheck the title and se if there is nothing. Then stop halt and refinance, pay off your investor with his stipend and on to glory and home ownership.
Cheers Lucius