Posted by Mike on July 19, 2004 at 14:22:35:
Thanks for the advice. That was about what I expected, but it’s good to hear anyways 
Buying your own mortgage note at discount - Posted by Mike
Posted by Mike on July 01, 2004 at 20:57:45:
Is it a possibility to buy your own mortgage at a discount from a bank/lender - perhaps only the second mortgage? How about one for a friend or family? Just a thought to save me and mine some money.
Circumstances - Posted by David Butler
Posted by David Butler on July 13, 2004 at 19:26:54:
Hello Mark,
Yes… it is possible. But, rarely practical for the bank/lender. Lenders are in business to make a profit from lending activities, and keeping their money out on the street. Almost no incentive to accept a discount simply to get paid off early, on a performing note - accept in the rarest of circumstances.
Not so with private note holders much of the time. They had to hold a note to help facilitate the sale of their property. Most prefer cash. So, they are more willing to accept a discount in order to convert their note to cash.
Doesn’t mean you can’t ask. Just that the probabilities are not high, for buying a good note at a discount from an institutional lender - under most circumstances!
Hope that helps, such as it is!
David P. Butler