Have a Finance Question? Ask a Financial Expert Online.
Thank you for your question, and thanks for using JustAnswer.com
How are you today?
The lender should add the deferred mortgage payments to the loan balance. If you purchase a non performing loan, you should get all the payments on the loan
But before you purchase nonperforming loans you need to be sure you understand the foreclosure laws in the state that you are buying the note in.
Further, if it's multi family property, you would need to see how much of the property is leased out and how many tenants are actually paying rent
The seller of the note is only trying to recover the balance of the loan, and they would rather sell the note to a private buyer than go through the hassle of foreclosure.
Do you have any other questions for me today?
A good article about this is found HERE
Do you know if possible for me to contact Chase to buy note directly from them? I heard that major banks only sells large volume approximately over 50mill. is this true?
You can certainly contact them, but I am unsure if they sell their notes to independent buyers. It's such a small note.
what's the advantage buying note VS buying property at auction?
It's probably a lot easier to just buy the property at auction
because you don't have to deal with the headache of foreclosure
is there a way to purchase properties directly from a bank before the properties get foreclosed? or only way is to buy the note?
You can't purchase the property from a bank, until it's foreclosed
The only thing you can do pre-foreclosure is buy the note
thank you, XXXXX XXXXX now.
There is a home selling at auction with $100,000 judgment lien attached. If I purchase this home at auction, will this judgment lien get removed before I get the home or will follow with it?
There is a home selling at auction with $100,000 judgment lien attached and the mortgage lone balance is 300,000. If I purchase this home at auction for 300,000 which only cover the mortgage lone balance, will this judgment lien get removed before I get the home or will follow with it?