Defaulted notes
Hello All,
I am an investment property specialist with Century 21 and I often come across private mortgages that are in default. I am looking to find a "go to" person in this situation who wants to buy private notes in default where it could be beneficial for both of us. Below is the information on this note. Please let me know if anyone is interested @ jasondurhamc21@yahoo.com">jasondurhamc21@yahoo.com
Thanks
Mortgage Type: Deed of Trust, Mortgage Position: Second,
Date of Note: 2/24/2002 , Note Amount: $79,800.00
1st Payment Due: 4/29/2002, Payment Amount: $.00 ,
Term: 2, Interest Rate: 8% ,
Balloon Date: 4/29/2003, Balloon Amount: $79,800.00,
Payments Paid: 0 , Balance: $140,000.00 ,
Remaining: 798000 , Next Payment Due: 4/29/2003,
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Purchase Information:
non-performing, trying to liquidate Investments, Interest is escalating @ 4% per month on unpaid bal. plus 8% per annum. This is a subdivision buildout, some work already done.
Purchase Type: Full Purchase Face Value: $140,000.00
Jason,
Hey bud. I emailed you back but never got a reply. I am interested in creating a win for you. Let's make this happen.
Enigma
Not enuf info.
What are the specifics of the 1st and is it current?
What is the value of the property?
What is the intention of the payer?
Has the 2nd stated forclosure?
Non performing, no interest, big balloon, tough one.
Kelly[ Edited by knucs on Date 05/19/2003 ]
Do you mind if I ask how you come across these?
How long have you been doing this? I am with the other guy who said there is definately not enough info here. If that second is that big what is the first looking like? is it in default also? I smell trustee auction on this one.......I wouldn't even bother with a short sale here. Just go to the auction and wipe out the big second. nuf said? I need info from Seattle area which by the way is a very big second note fee even for up here in the land of expense. Hope your other deals are better ones.
I would join with the previous poster and say that the deal sounds bad unless the first mortgage is in trouble and you get that one and close out the second.
I am relatively new to the REI scene, but have read enough on this and other websites to know that you should be making money up front on most deals.
This one looks short on profit (even with just the little information here).[ Edited by stormblade on Date 05/20/2003 ]
Yes the first is in default as well. I just noticed it in the foreclosures notice. The 2nd contacted me and asked if I could find anyone interested. Defaulted private notes are not my specialty, I just run across them from time to time.
Thanks
I just thought I would let everyone know that original post here was emailed to me word for word over a month ago. I have no idea where the guy got my email address. And he was using a different name. I don't know what he is trying to do, but it isn't helping anyone. I emailed him a few times when he first sent it to me, but never heard anything back. Just thought you all should know this guy is just playing games.
You emailed me? When? No games being played here. I had one of my clients who had a second in default. Turns out the first was in default as well and is foreclosing. Like I said, paper notes is not my specialty, I just come across private notes in default from time to time as I mainly deal with residential foreclosures and commercial developments (the commercial developments is where most of the private notes I know of come from).
So, the short answer
IT IS NOT WORTH THE PAPER THAT IT IS WRITTEN ON!
Kelly
I am open to looking at this note, but i need more information. Email me at ammudamus@yahoo.com. Thanks