Purchase Note & Trust Deed -vs- Short Sale
I have been told by another very experienced investor that rather than request a SS package from the lender, he gets the deed, then offers to buy the paper at a discount. Usually 60-70% of ARV. Then uses H.M. to purchase the note. How do I approach the banks with this? Has anyone tried this? 
[ Edited by BiGWaVe on Date 02/03/2004 ]
[ Edited by BiGWaVe on Date 02/03/2004 ]
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Hi BiGWaVe,
One thing that you will find is that a lot of banks sell their notes in bulk by the thousands to the secondary market. Most banks wont do a onezy-twozy time of sale. It is a good theory, but you may have more road blocks than not.
I have bought individual mortgages via an assignment, but I have had more NO's than Yes!
Best of Success!
BAMZ