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BUYING NON-PERFORMING NOTES FROM BANKS

Home Forums General EHTrust/EHT Topics and Creative Real Estate Financing BUYING NON-PERFORMING NOTES FROM BANKS

This topic contains 7 replies, has 0 voices, and was last updated by Avatar of tmr28 tmr28 9 years ago.

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  • #4885
    Avatar of tmr28
    tmr28
    Member

    Does anyone know of any individuals or companies that are regularly involved in the business of buying non-performing notes from banks? I’m trying to find someone or some people to work with. I need to know what parameters they tend to look for. Such as:

    1. What LTV level is preferred?
    2. What discount on the note they prefer to get?
    3. What do they need from an RB to make the deal acceptable?
    4. What property price levels do they prefer? prefer to avoid?

    Other questions I cannot think of but any other helpful information.

    If anyone knows of someone or knows the the answers to these and other questions, please share. One and all.

    Thanks in advance!

    #26022
    Avatar of tmr28
    tmr28
    Member

    No one has any info to help?

    #26023
    Avatar of getsmart
    getsmart
    Member

    i am under the impression that banks are only selling notes in bulk, and you don’t have a choice of what you get. i think the minimum is like 10 million and they are scattered across the country.

    #26024
    Avatar of homesavers
    NULL
    Member

    This is a forum about the NEHT (r) Trust. Why are you asking about Notes here? I am not sure if you will get the help you need.

    #26025
    Avatar of tmr28
    tmr28
    Member

    Homesavers: This post is about NEHTRust. My proposal was to locate a foreclosure property. Contact the seller. Get in touch with the lender and instead of offering a short sale purchase, I would make an offer to purchase the bank’s non performing mortgage note at a discounted price. Once a purchase amount was agreed upon I would locate an RB for an NEHTrust to put up the closing costs and contingency fund and take over the payments under the terms of the old note. I would need a mortage note investor to purchase the note in return for built in equity and cashflow.

    Scott Moyes went into this in detail as far as the process of the transaction in a thread I cannot find. The problem is that there was never any clear indication of what parameters my discounted note investor would need in order for me to bring the deal to them. That is what i need!

    #26026
    Avatar of tmr28
    tmr28
    Member

    With my clarification posted of what I was looking for in my last post, can anyone now help me out or show me how to contact an investor swho purchase notes from banks so that I can find out what they are looking for?

    #26027
    Avatar of homesavers
    NULL
    Member

    Sorry about that Tshaka I didn’t understand your question. If you are looking to emulate Scott you need to build a network of producers. Scott can only do what he does well is because he has built a huge network of people that believe in his methods and have seen the results (getting paid). You need a cash buyer for non-performing notes. No one will tell you where to find them because they are looking for them too and they only have a certain amount of money to work with. Find a deal, package it, then shop it out. You will find help here with an actual deal in place. One of the challenges you will find is what comes first the Chicken with the money or the egg.

    #26028
    Avatar of bigdaddy_3
    bigdaddy_3
    Member

    TMR,
    I have a group of investors that have been working this for the last four months. Most of these packages are $70 million plus and hedge fund managers are getting most of the calls. The last one that they sent to me was from Countrywide (shocking) and had 988 properties all over CA. They wanted 5 cents on the dollar and these were ALL (non performing)seconds.

    Shawn

    #26029
    Avatar of bill_gatten
    bill_gatten
    Participant

    Contact Robert Lee at FTI 714 500 1430 (robert@foreclsouretrackers.com) he buys defaulted first mortgages and has just purchased the portfolios of three banks. He did a worhshop this past weekend and will be doing another in a couple weeks…he is by far the most successful at this that I have seen, and hes looking for proteges.

    He gets the notes before the NOD is issued and has the homewer refinance and pay him off at half of what their original note was…or he carries (with the Equity Holding Trust Transfer) at half of the original mortgage payment. The key element is k nowing how to get to the bank’s true note department (often very secret and protected, as banks often want to hold the FC’s off for a couple years if thery can, so they don’t have to matach funds during the forclsoure process).

    Tell him I sent you.

    Bill

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