Posted by James Harris on February 06, 2010 at 10:01:47:
So,did you help your friend? You know that there is a big chance that you will lose that friend.
buying discounted note from bank or the investor - Posted by Dave
Posted by Dave on February 02, 2010 at 18:28:26:
Can somebody HELP. I’m trying to buy discounted 1st’s. Bank of America service’s the loan account.
. Right now im unsue if they own or just servicing. I have over 20 different Telco #'s & got all the way to Executive secretary for the president of mortgage lending BofA. They say they don’t sell notes. Thats a lie, but i need a little help breaking down the walls. Anybody?
BofA note - Posted by Gary
Posted by Gary on February 24, 2010 at 01:30:02:
If your friend is in default there is a good chance that the file has been sent to a loss mitigator. I don’t know what state your in, so it is difficult to get specific, but your friend has likely been sent notices in the mail. Ask your friend if you can review any mailings he has received. There will be a contact person on the mailings. You may have to get your friend to execute form authorizing BofA to release information to you. Without this, they cannot legally discuss the file with you. Once you have this, call the contact person. Ask them where you can fax/email the authorization form. Once they receive this, call them. Ask them if they are servicing the loan, or if they own it. If you come accross as “wanting to help a friend” you will weaken your bargaining power. If you come accross as an investor that purchases non-performing bank notes and do not lose credibility while talking with them, your bargaining will be strong. If they are simply the servicer, try to find out whom to contact that can make the decision to sell the note at a discount. In addition, it would be a good idea to provide BofA with a proof-of-funds letter from your bank that shows you have the ability to perform. Once you have an idea whether BofA will entertain an offer, make your offer in writing.
Earlier I mentioned that the file might have been sent to loss-mitigation. This is really not the department you will want to work with though. This dept. has been set up primarily to negotiate with either the debtor (loan modificatio, deed-in-lieu of foreclosure, or forebearance), a new buyer of the property (short- sale), or a negotiator on one of their behalf. If all else fails, request that the file be bumped to management for a decision on your offer. Good luck
Re: buying discounted note - Posted by James Harris
Posted by James Harris on February 02, 2010 at 21:47:19:
Why not start with your local bank first.
Re: buying discounted note - Posted by Dave
Posted by Dave on February 03, 2010 at 14:39:39:
I would have but:
My friend came to me about his house which is currently in default.