Lender Says They Never Sell Their Notes - ?
Got a hold of a rep in the Recovery Department who said they NEVER sell their notes, even though the property is in foreclosure.
Is this standard or did I just get the wrong department?
The property is in Arizona and I was told that lenders do not discount in this state. True?
Any suggestions? Thanks.
Jay
Lenders usually disclose their loan sale rate when they send the "good faith."
One of my loans changed hands 4 times before it found a resting place. Three loans by a bank are still held by that bank. This was disclosed in advance, with the first saying they sell 100% of their loans.
Keep asking. You will soon have all the answers.
Dan
Most major A & B lenders do not sell individual notes, most sell in bulk. (millions at a time).
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Thanks for the clarification.
I also thought I had a motivated seller, however, they are determined to proceed with selling the home through HelpUSell even though they stand to only break even after the arrearages, prepay penalty, capital gains and any commission that the agency charges are deducted.
Oh well! Moving on.
Jay
Right, I anticipated myself doing the original note and trust deed and then ammending it to pass over to my $$ investor.
I am sure that there is a hard money guy out there that is not using his money only as I can only fund a couple of deals at a time. I see t his as a possible source of income, a ways to keep investors invested at all times etc.
I have two licensed brokers in my office not sure if that does it or not. Have a meeting with the state on monday to see what is required. I will have to follow up and see what is needed and post it here.
Randall
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