Contacting Bank To Buy Note
Hi, I recently started contacting homeowners facing foreclosure here in Gainesville Florida to see if they were interested in working out a deal to stop the process. I've heard that it is possible to buy the note from the lender or atleast get the lender to drop the principal owed a little if you speak with them and they honestly feel that the property will go for nothing at the auction. My question is, do I call the bank directly or maybe call the attnys for the bank that are listed on the bottom of the judgement? And if so, what do I ask them in regards to paying them less than what is owed on the note?
Thanks for your help.
Jason
I would suggest that you buy a short sale course and spend some money on education of how to do this.
This is a very general question and there are tons of answers depending on the situation. After studying the course you may have some more specific questions that are more easily answered.
The short answer is it is always better to work with the bank directly as the Atty will not want to bend as most don't understand the short sale process and it does not benefit them.
To get a lender to drop the principal is all based upon what you believe a "Little is". Some will discount a note if you are purchasing but in most cases when I have done this at 90% I get a great deal of acceptances, at 80% the acceptance becomes a little harder. I have found that small branches and credit unions to be my best sources.
Now if you are talking about a short sale process where you are purchasing the actual property and not the note the process is a lot different.
If you are dealing with a home that is facing foreclosure normally the lender will need an authorization to release information from its current customer.
By contacting the attorney/trustee normally not provide much help to you in this area as they represent the lender in the foreclosure proceeding only.
Forgive me on this statement but you are asking general investing 101 questions, I would highly suggest as dnvrkid
did, get some education in this area of investing before you jump.
Good Luck,
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