buying 1st /2nds in default
Who do talk to in the bank about getting an assignment of mortgage at a discount,if the note is in foreclosure, what info do they need about the mortgage, (owners name, address, etc.) any suggestions or comments will be helpful.
Great Success................... Franklin
I am not really sure of the nature of your question. If I am correct you could ask for the Reposessed Real Estate Department. If you are looking for pre-foreclosures then the bank won't help you, because that is confidential information as far as they are concerned. Pre-foreclosures are accessible though. Feel free to contact me via e-mail lataylor@cox-internet.com Good luck and be blessed.
[addsig]
I think you may be confused about what you are planning on doing. The banks will not sell you a discounted mortgage. I don't know what you are referring to when you stated an "assignment of mortgage at a discount."
I think you are referring to a short sale, in which you ask the bank to discount the mortgage so that you may purchase it at a lower price. In order to speak with a lender about a homeowner's loan, you must have an "Authorization To Release" form signed by the homeowner giving you permission to speak to the bank about their mortgage.
I highly suggest you read up more on the investing techniques and get a better understanding of what you are talking about before asking questions.
The only way you can buy a home from a bank is if it is a bank REO. Bank REOs is the last stage of the foreclosure process in which there was an unsuccessful bid at the foreclosure auction and the bank had to reposess the property. In order to purchase a property before the foreclosure auction you must speak with the homeowner. If they agree to a purchase price, then you can speak to the bank about discounting the mortgage. But, not all properties can be short saled! Please do some more research before getting into investing in preforeclosures or foreclosures.
Tanya[ Edited by tanya1215 on Date 04/06/2003 ]
Tanya wrote: The banks will not sell you a discounted mortgage. I don't know what you are referring to when you stated an "assignment of mortgage at a discount."
The mortgagees WILL sell you a mortgage at a discount via an assignment.
Actually, Franklin is questioning the purchase of paper, not stix and brix, a highly effective investment/acquisition technique to be used by 'cash capable' investors.
Whether the mortgage loan in question is delinquent, in default, or in foreclosure will have a bearing on it's availabilty for sale via an assignment, and at what cost.
The same techniques illustrated in the primer for short sale proposal would be applicable, without the need for ANY authorization or information from the homeowner/mortgagor. Perhaps more financial analyisis is required (Cost Benefit Analysis).