Buying 2nd At Discount From Wells Fargo
Hello. We submitted a couple of offers on 2 notes in 2nd position owned by Wells Fargo. We have been trying to get in touch with the person in the bank for several days. We left several messages and no call back.
Has anybody been successful in buying 2nd at discount from Wells Fargo?
Thanks in advance.
[ Edited by reinatalie on Date 09/04/2004 ]
It's rough working with a large financial institution. Keep calling and you'll finally get to the right person!
There are posts on this board about how difficult it is to buy notes. The first rule of thumb is that the note must be in foreclosure. Generally, lenders do not sell individual notes unless the note is in foreclosure. Second rule of thumb is that it is very difficult to buy a note, even if it is in foreclosure. Think when someone asked on this board if anyone had ever actually done it, the consensus was no. Third rule of thumb, nobody from the bank will ever call you bank. You must phone the bank 15 times a day, if that is what it takes to talk to a live person.
Brenda
We have bought notes before from other lenders, this is a specific question about Wells Fargo. Thanks.
Well, so much for that second rule of thumb. Hey, where were you when people were asking about buying notes?
Brenda
I've purchased notes, but never from WF.
I'm buying a note next week from one that had been held by TransAmerica.. who went out of the mortgage business aand sold it to a portfolio investor. It was difficult to locate them since no real assignment docs were filed..
I'm buying it at a discount, then (as junior mortgagee) I can agree to accept the FHA minimum disbursment to facilitate an FHA preforeclosure short sale.
[addsig]