Approaching 2nd To Buy At Discount.
We come acrross properties in foreclosure with LTVs from 85% to 95%
where there are two loans. This is a situation, where a second might be motivaed to sell. We think to approach second lender to buy at discount. Usually, when we try talking to the bank, they do not want to discuss the loan without owner authorization. Has anyone been successful in buying second loans without owner's authorization, and if so, what approch have they used with the bank?
Has anybody been successful in buying junior loans without owner's authorization?
Thanks you.
"Has anybody been successful in buying junior loans without owner's authorization?"
You don't need the mortgagor's permission to speak to the bank about buying the mortgage... since it is a financial transaction and doesn't involve the Borrower at all. In fact, they (the Borrowers) have probably already given permission for their loan to be sold.
Apparently you are speaking to the wrong department. You don't want to speak to loan servicing, or customer service because they won't understand what you are trying to do.
"I'm an investor who purchases non performing mortgages"
It may take awhile, but your request will eventually get to the right desk...
So which department would I want to talk to?
TheShortSalePro,
Have you been successful in getting to the right department, and if so, what do you say/ask them?
Thanks.