5-10M is the UPB, they don’t disclose the final bid price. But given that this is secured and not unsecured debt, maybe and I’m guessing here a 25-30% discount.
Depends on 1st and how “bad” the debt is (e.g. about to file BK or on payment plan)
Re: Non performing Notes - Posted by Jay Donaldson
Posted by Jay Donaldson on February 18, 2008 at 13:54:03:
I have a note pool seller that is selling their non-performing notes at Total UPB: $100,033,313.17 from our feed back from our source we believe that a bid in the low 60â??s will take it. Av. Days Delq.: 103
Hey chet,
I am having trouble finding properties that cash flow in my area. I am sitting on a small pile of cash right now and would like to know where these nonperforming notes are sold at or thru. I know it is a different end of investing than the R/E that I have been doing. I am reading up on notes but would like to explore the sale. Any help would be appreciated Thanks
Posted by Benish on September 24, 2007 at 20:26:12:
HI JOHN,
I think the minimum for non performing notes is $10million. If you have interest I can get you in contact with a servicing company that is able to provide them for you. What the servicing company asks for is that you use their servicing. They have cheap prices.
I know Homecomings Financial routinely sells portfolios on non-performing Home Equity & Sub-Prime Second Mortgage Lien Accounts. The problem is the portfolios are typically 5-10M (more then in my pocket).
You also look at the local NODs for defaults in the area, and the BK court for BK filing.
There is also http://realtytrac.com/ wich has nationwide service, but sometimes iffy data.
Posted by Lenny[VA] on March 25, 2005 at 12:37:52:
Hmm. That’s interesting. Do you happen to know how much UPB would typically be in a 5-10M portfolio? Are these being sold at pennies on the dollar here?