How Do I Proceed?
Ok,
Since I am so-o-oooo much interested in steps of note buying I just have to ask this 2 questions:
1. When you call the mortgage company and try to buy the note what department are you asking to speak to? Would this be the same Los Mitigation department as in any Short Sale attempt or they have different entity responsible for sale and negotiating of none performing mortgage loan?
2. Do you still need to have an authorization to release from the home owner in order to discuss buying of the note? If you are not able to contact the homeowner, how do you find out the mortgage loan number?
Thanks in advance!
PerlUser.
:-? :-? :-?
Ok,
So if I understand correctly there are 2 things present in every transaction:
1. Mortgage – an instrument to secure the interest of the lender in the property (and this is what is getting recorded)
2. Note – a promissory document describing the terms of financing, pay off and referencing a mortgage that secures the interest in the property.
How would I be able to obtain the actual loan (mortgage number) for every lien without talking to the homeowner if in transaction history of the title search will only be the reference to the lien and book and page of recording but not the actual loan (mortgage) number?
Basically I am looking for what to say to the bank if I will call to buy a note and don’t have the loan number but only property address?
Sorry for the long post but I really need to understand this.
Thanks,
PerlUser.
PerlUser,
Here in WI at the Reg. of Deeds, I can look up on their computer the actual deed and also the mortgage. On the mortgage, it has the loan number on it.
Kelly