REMI KNOX Owner Financing & Mortgage Note Blog :: When buying a defaulted mortgage note directly from the bank, are the paperwork requirements any different than when negotiating a short sale with the bank?

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What are your guidelines for existing notes? What hits the hot buttons and gets your juices flowing? Are you looking for a certain amount of seasoning?

Are the mailing lists you purchase and use to find leads in other areas than your own backyard? If not, why would I not start with my own county courthouse research to find note owners?

As a new Note Broker I need to know how I would be paid when submitting a note for consideration?

When buying a defaulted mortgage note directly from the bank, are the paperwork requirements any different than when negotiating a short sale with the bank?

May I keep and use the simultaneous worksheet for future deals?

When making offers to homeowners; should I go ahead and put the property under contract before contacting you all or should I contact you all first, then offer the homeowner three options/offers?

How do I structure a note on a future deal? What's a safe % to work with? I'm thinking it's really based on concern factors such as the homeowner's situation and the value of home.

If all you did was rely on New Century Financial's website, you would never know that they are now bankrupt having fired over 3000 employees!

THE FAIR CREDIT REPORTING ACT

Search for any (Owner Financing/Real Estate Note) book at your local library!

S&P/Case-Shiller® Dallas Home Price Index

Owner Financing Made Easy: Your Solution to Real Estate Success!

A great teleconference with Todd Newman of Newman Asset Management

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When buying a defaulted mortgage note directly from the bank, are the paperwork requirements any different than when negotiating a short sale with the bank?

by Maria Fee on Thu 26 Jul 2007 10:37 AM EDT | Permanent Link | Cosmos

The bank will dicate the paperwork. You buy everything the bank signed on for and everything stays in place. With a short sale, you put the whole package together and you buy the property not the financing.

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