Ca L asked:
I would like to buy default mortgages from banks. How can I locate a seller of these notes?
I do NOT want to buy foreclosed houses. I want to buy the mortgages from loan pools. I do NOT want specific properties. I want under-performing mortgage/note packages. Banks sell them to rid themselves of toxic loans. I would like to buy default mortgages from banks. How can I locate a seller of these notes?
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I would like to buy default mortgages from banks. How can I locate a seller of these notes?
I do NOT want to buy foreclosed houses. I want to buy the mortgages from loan pools. I do NOT want specific properties. I want under-performing mortgage/note packages. Banks sell them to rid themselves of toxic loans. I would like to buy default mortgages from banks. How can I locate a seller of these notes?
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You have to either sign up for a service that will find these for you, you can stand out in front of the local courthouse where they will auction off these houses, or you can call up banks yourself and ask them!
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You can buy foreclosed houses at auctions for such houses. But the mortgages for these houses have been securitized and sold off to various investors in packages that are very difficult to unravel. It’s not clear who owns which mortgage. The banks quite often only service the mortgages. But they don’t own the mortgages themselves.
It’s not possible to buy individual mortgages that are tied to specific addresses. You can only buy these securitized packages that are difficult to value accurately. Because you can’t identify individual mortgages in these packages and determine which mortgages are in default and which ones are not.
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why would you want to buy such things – banks will probably gladly get rid of them because the chance of every collecting on them is very low – I doubt you would ever make any money on them how many millions in cash do you have lying around to buy them with?