Buying Individual Bank Notes - "Urban Legend"
5 months ago I turned all my focus from buying on the courthouse steps to trying to buy Individual Non-Performing Notes. I got Bankruptcy and Foreclosure leads and have sent over 500 fax, letter, email, phone call offers to Banks. I sent them to the Bankruptcy Dept., Foreclosure Dept., Loss Mitigation, Collections and the attorneys that represent them. I have gotten quite a few calls saying do a short sale package but not even a counter offer to do a sale. I am not looking to convert a sale from a SS. I want to not have to deal with the borrower. I am starting to feel like I am on a fools errand. Is anyone out there doing this? Is there such a thing as an "approved investor". People tell me that it is done all the time but they will not mention any bank name because "You never reveal what banks sell to others". Why? Do anyone of you buy from a bank with more than say 5 branches? I am also starting to hear that people give "gifts" to their contacts. Does that mean you bribe the Loss Mitigator? If you are currently buying individual non-performing bank notes I would love to hear your thoughts. Thank you
[ Edited by NorthGeorgia on Date 08/01/2008 ]
see my post in deals in progress.