When you buy a second, I suppose you buy it only when the first is significantly less than FMV of the property. That way, the second has some intrinsic value to it. I have heard that seconds go Air Max Boots For Men
I have searched the forums and google but am not able to find good information on buying non performing notes with the intention of foreclosing on them. Has anyone on this site done it or do you know someone who does it?
Dave business model does not target a specific loan on a specific house; he has told me that the pools are being offered for sale by the lenders, so the pools contain whatever they contain. Sometimes it a take all or forget it, sometimes it pick out the ones you don like and buy the rest.
Valkrim, I think you are on to a good business, what concerns me is that you said "with the intention to foreclose".
On the other hand the portfolio and pool managers are sitting on 14% to 25% of default notes in some of their pools that I sure they would like to sell.
When you buy a note (and have failed to pre arrange an agreement with the owner) you are a mortgagee. While a bank may justify having 5K in fees in the foreclosure process as they pad their books on the deal with fees, an individual or small company may have a difficult time doing the same thing.
It great to have some note experts contributing to this thread. Dave and Bill, would you mind giving us some sample numbers on how to make money while buying 1sts and seconds?
Next month, I will be in court on behalf of a borrower who was the victim of a wrongful foreclosure in Missouri. going into a note purchase with the intent to foreclose can cause you problems. As Dave pointed out (and I appaluded his statement with a vote) clearly showed by his foreclosure rtae that the loans are not purchased with that intent.
I was wondering how it compares to buying at a trustee sale in terms of ROI. I am told that NPNs sell for less than the average price at a trustee sale but once we add the cost of foreclosing and the time it takes to do it, I wonder if there is still an advantage to doing it. The 1st was from a vacant building mailer.
What the strategy on first position notes? Just buy at a discount, season it, and sell at a profit? I understand that is a viable business strategy for note traders but how about us regular real estate investors who may not have the connections to buy and sell in volume?
Have you had experience purchasing notes from a servicer who is not the actual owner of the note. Is there a procedure, legal or otherwise, where a service must comply with in regards to presenting an offer to the actual bank, pool or portfolio Air Max Patch On Feet
Buying notes in order to foreclose
knows someone who knows better and goes crying to them (and you never know) you better write a check for the excess funds or you can get hammered. If, as an idividual you think that you can charge foreclosure fees and expenses that are really unrealized and can not be justified (since you are expecting that to be a profit), think again. I have been to this rodeo before.
I know servicers make more money keeping late and default notes because they make money so there may be no incentive for them to present these offers to the true note owner.
So if someone does deals with the intent to foreclose they need to do some more due diligence. Good luck, Bill
Another point, if a property is sold at sale for more than the principal and accrued interest (to the date of demand, since after that date most states require it be placed in a non accrual status) attorney or trustee fees, publications and direct expenses, the mortgagor is entitled to every dime above those costs. Some may disagree, simply because they have kept funds in the past and were not sued as is usually the case. But, if your mortgagor happens to be related to an attorney or Air Max Og Bw
Steve B. is right. I have a co. that buys 100 of institutional notes, primarily delinquent 2nd on a regular basis nationwide. We not overly concerned with geography because we in out in a matter of months on average. We normally purchase non perf. in bulk from banks loan servicing companies.(There is a high barrier to entry) We also sell notes that are performing non performing to individual investors/note students on a loan level or one off basis. Everyone seems to be afraid of the "F" word, foreclosure. But the average uncontested FC is $2 3K throughout the US. Our business model is to not take the property if possible. You can exit a deal either through the Borrower or the property. We generally do better by exiting through the homeowner, everyone wins!
Purchasing default notes with the intent on restructure to create a performing asset.
Do you have experience in this and if so what is your procedure to get your offer to the true owner of the note?
for pennies on the dollar but I Air Max 95 Winter Boot suspect those would be seconds that are underwater.
Thank you, Nicholas RussianSince I know Dave and referred him to join BP and jump in on this thread, I can tell you what I know. I can tell you he buys pools of second position NPN; the pools are from houses located wherever in various states. I do know that he avoids specific states; he can tell you which those are.
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