Discounting The Mortgage
How does one buy a piece of paper, the mortgage, from the lender prior to the foreclosure sale?
Do banks commonly deal with this type of transaction? They seem to just shrug you off and tell you to try to purchase the property at a foreclosure sale.
Depends on the bank. Household will not sell me their loans. They also told me they will not short after the sale.
Too bad for me since there is a redemption period here.
Call the bank and ask them if the accept offers on their non performing loans.
Don't take just one person's story. call again in a day and ask a different person.
Always good to double check.
Tom