Buying The Mortgage Note
I want to an investor's meeting this evening and the speaker said that if the seller is in preforeclosure and the lender will not do a short sale ask to buy the mortgage note.
I'm not clear on how to buy a mortgage note. Can anyone explain this to me.
You call or visit the Lender and say "Hi, I'd like to purchase your mortgage on property at 123 Main Street, anytown, USA".
In Illinois, it takes 7 months before the foreclosure sale actually gets held. During that time, the lender will not be receiving any payments.
You can offer to purchase their note (they usually want all cash) at a discount.
Hope This Helps,
Mrs. Meltzer