I found a good deal, if I can make it happen. I want to buy the note from the note holder who is Washington Mutual. I’ve spent 2 days in telephone menu hades and being able to only talk to customer service reps, who are only told how to deal with regularly repeating items. I need to have the loan number and ssan of the maker of the note. I do not want to go thru that person. I just want to buy the note. They will not pass me thru to a supervisor or someone able to make such decisions. Today I was told that I cannot buy the note, that I must buy the property. When I explained to the rep that WAMU bought the note (the original lender was CTX), and that all I want to do is what WAMU did, no progress was made.
Because of non-payment, the property is in foreclosure and the auction is less than 2 weeks away.
I’ve tried the trustee - won’t talk to me or my attorney. I’ve tried the law firm representing WAMU in this action and they won’t talk to me.
I can find no phone numbers to get to a real person in WAMU to discuss this. Some time back, someone posted a list of Loss Mitigation phone numbers. Well, all of those for WAMU have been routed into the same customer service hell. :banghead
Since I’m of the opinion that banks want to make money and not spend more than is necessary, I want to help them out.
Can any one help me to get into the WAMU system to get to someone who can make a decision?
How did you find this deal? It sounds like you aren’t working with the homeowner. The easiest way to get to loss mitigation is to get the mitigators name and contact info from the homeowner…as well as the loan number and a borrowers authorizaiton.
Once you have the loan number and you call customer service, you will usually get routed right over to the loss mitigator assigned to the loan.
Unfortunately, if you are not working with the borrower the loss mitigator can’t talk to you about a property that by law still belongs to the homeowner.
The deal is just too good. I tried the owner, but they won’t talk. The spread between the loan and the central appraisal district value is enormous.
Banks buy notes, why can’t we the public do the same? Commercial paper is sold all the time without the permission of the maker of the note. They could, for a fee, sell and assign it to me, just like they buy and assign to each other. It’s not illegal, unethical, or fattening.
And, just make sure I’m understood, I don’t want to buy the property, only the note.
I would pay the balance plus a fee. I’d tell them that if I could get to them.
Unfortunately if you can not get the home owner to work with you, you are not going to get any were. Notes are held in portfolios and a lot of times when banks buy and sell notes they buy and sell the portfolio not just individual notes. I have tried this also on several properties and have never made any head way. I would like to be able to buy the notes of several properties that are in default but have not been able to do so either and the above reason was given to me by bank when I went in and talked to the banks VP.
Donna Bauer has a course on buying notes in foreclosure. I have not bought it but listened to her CD, & heard her speak on a tele conf. When I tried to buy a note from US BANK I was told they only sell to their list of investors, when i asked how to get on the list ( no answer). :banghead :banghead One thing Donna pointed out was that she has the deed before she buys the note. Also by owning the note she can give the home owner some money for their equity Legally if she wants to…Google her name or go to www.thenotebuyer.com for more info. Let me know how you make out with the course…
Look at the situation from the perspective of the servicer. They are servicing a million or more loans. At this time lets say 5-10,000 are in foreclosure. How many phone calls a day do you think they get from wannabe real estate tycoons who are interested in buying the property, properties, note, mortgage, deed of trust, or just have generally inane questions?
That being said I wouldn’t give up completely. Servicers do sell notes depending on the circumstances. So it may be an avenue you could pursue in the future with the understanding that most of the time it won’t amount to anything. Just like dealing with homeowners in foreclosure.