Proccess For Buying A Discounted Note
Got a few questions hopefully someone can answer 
. Its not directly related to real estate, however it is about paper.
Person has a car note for $5,500. Car's blue book private sale value is $1,300. Person was suppose to loose their car if they didn't pay by today. He has gotten an extension until Friday. He has a history of being late, has completely awful credit and has been paying on this car for more than two years (and has more than paid back the value of the car).
My plan is to buy this note at a discounted rate, and issue a note at more favorable terms for a much lower amount(this is for a friend of mine). What is the process I need to go through to get the note discounted?
Comments(0)