Posted by JT-IN on January 07, 2003 at 19:22:32:
Hank:
Buying notes and mtgs is a numbers game. It is also a test of persistence. I have been told NO a number of times only to later be told “send the check”.
You approach many, and get few, but when you get them, you profit well. It is simply a matter of laying out the case that they do not intend to defend (bid on) the property at the foreclosure sale, and maybe you do, and for this advantage that this lien may give me in this case, I will pay you 1K… (or whatever your offer is). Lots better than the proverbial nothing that you will/may otherwise get. This works especially well with private lenders, or mechanics liens, etc… that are not in the collection business, as a rule. Banks can be tougher, but not always. Offer and be prepared to re-offer and re-offer, called negotiations.
Just the way that I view things…
JT-IN