Buying A Defaulting Note From Lender?

I have a customer that is going to be foreclosed on and I would like to buy the mortgage from the bank at a discount. I have her poa and authorization form. My question is do the banks usually sell there notes at a discount to investors and if so do I have to pay all cash or could I get a loan to buy it. I figure this way would be quicker than trying to do a short sale than purchasing the property at a closing. Thanks in advance for the help.
jkid

Comments(2)

  • cjmazur29th April, 2005

    depends on the lender, LTV, CLTV other liens.

    In my experience the want cash and ssign the not to you.

    Realize what you might be buying... a lawsuit, BK, constently flipping in and out of default trashed build.

    I have looked at this option in great detail.

    goog luck.

  • InActive_Account29th April, 2005

    thanks for the info!

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