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KJLLAW
KJLLAW, Attorney
Category: Business Law
Satisfied Customers: 741
Experience:  Attorney at Law Office of KJLLAW
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How does one go about buying a 1st TD note from Well Fargo

Customer Question

how does one go about buying a 1st TD note from Well Fargo bank.I want to make an offer at 90% of the loans value.
the payments on the loan are past due by one year so i'm thinking the bank might like to sell the loan.
Submitted: 9 months ago.
Category: Business Law
Expert:  KJLLAW replied 9 months ago.
If you are looking to buy a bank note from a bank who has a 1st mortgage there are several things you must do before contacting the bank regarding the sale of the note.
If they agree to sell, then you must verify the outstanding balance due on the note and the actual repayment terms of the note, verify the interest paid through date (or last paid date), ascertain that the mortgage (or trust deed) is an insurable FIRST lien position loan. You would need to see a copy of the existing mortgagee/lenders title insurance policy, which was probably issued when the loan was originated.You also need to ascertain the status of the property taxes, whether they are current or delinquent, and any escrow funds that might be transferred to you. Confirm the value of the collateral property that secures the note (that is today's fair market value). Get the actual mortgage (or trust deed) security instrument assigned over to you or your entity, and have the original promissory note instrument endorsed over to your or your entity (making sure the assignment of the security instrument and endorsement of the note match one another). For any deal it is wise to hire an attorney to review the documents.
You could call Wells Fargo at(###) ###-####to ascertain the department who sells notes.

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