Posted by Mr. C on December 15, 2002 at 13:55:09:
The general opinion of my brokerage, is that a non-performing note is worth the paper that it’s printed on.
Get my point?
Value of Note? - Posted by Mike
Posted by Mike on December 14, 2002 at 22:15:38:
My father inherited a note and would like to get
an idea of the market value.
Home located in Fresno Ca. value about $90,000,
note balance of $36,000, no other loans against
the home. The owner has not made a payment on the
note for about a year due to divorce, my guess
the owner has very poor credit score. My father
feels sorry for her and does not want to foreclose.
Estimated note value?
Mike
Damaged goods… - Posted by Michael Morrongiello
Posted by Michael Morrongiello on December 22, 2002 at 23:10:38:
Mike:
The Note appears to be well secured with some protective equity cushion, but the fact that it is not performing taints it as “damaged goods”…
A true direct “paper” investor (like Sunvest) shouldn’t have too much trouble looking over the relevant paperwork and determining how best to equate the perceptions or risk with a cash pay price to you for this non performing 1st lien Trust Deed.
To your success,
Michael Morrongiello
Re: Value of Note? - Posted by Jon Richards
Posted by Jon Richards on December 20, 2002 at 22:59:37:
Tim
Contact American Portfolio Mortgage Corporation. They are in IL, but buy non- and sub-performing loans such as your father’s. Ask for Mick Jones at 847 202 3344, ext 17. Mention my name.
Jon Richards
NoteWorthy Newsletter
415 824 8164
Re: Value of Note? - Posted by Marc Donovan
Posted by Marc Donovan on December 18, 2002 at 19:23:43:
I would give you 32k for this. The biggest problem for me is the time involved with foreclosure and then having the maker pay off the note. I would need the 4k to pay for my time, plus there is always something that is not included when computing the costs for the court to reimburse. And there is always the possibility of bankruptcy. Have the taxes and insurance been paid?
Re: Value of Note? - Posted by James Strange
Posted by James Strange on December 15, 2002 at 22:37:20:
It has value. You will have to find local investors (not want to be brokers). They will buy it and foreclose and get paid.
Advertise it in the paper.