Has anyone tried to buy the note from Countrywide before?
I have a client that is not that far down and is getting back up on his feet. I really think he makes enough money to make the payments and he does not want to move. There is a little equity in the house so my thought was to try to take over the note ( and ask for a discount) and have me be the lender instead of Countrywide.
Any advice would be great.
Thanks
Ramona
How far down is your friend?
Do you have the money to buy the note?
They will not negotiate a shortsale until he is at least 3 months down sometimes longer!
Robb.
She is not talking bout the short sale. She simply wants to buy the note from countrywide. I’m guessing she can problaby bring the payments current or something like that. I think its possible if you got the cash, but I’m still a newbie here.
steve
Can anyone explain exactly how to buy notes from a bank? How it works and why would they sell it to you?
Any help would be great.
Thanks
You can buy “non-performing” notes from countrywide. Make sure it is delinquent or even under foreclosure already. The more distress, the merrier. If it is not behind, I don’t think CW (or any lender) is interested in selling. ( at a discount 
Yes. Make sure you have the money to wire “right away”
Do you need to pay off the mortgage or just get it up to date? Thank you for replying.
Lorraine
Just buy the promisory note and associated trust deed. You will act like a bank in fact. You will deal with all other issues yourself such as late payment, penalty, foreclosures.
I’ve seen homeowners in default for 6 months before the bank does anything. Some homeowners who are behind, actually do try to work something out w/the bank or at least try to get the bank to reason with them, help them set up a payment plan.
I had one homeowner that defaulted, but at the time, after talking to the loss mit. dept, the bank under circumstances agreed to work the behind payments on a payment plan (usually behind the default amount at the end of the loan) with the homeowner. We was grateful that we were able to “save” the homeowner at that time. However, a year later because they remembered that we “worked it out” for them with their bank, they called us back a year later. Yes, a YEAR later…surprised they remembered us, but this time, the bank didn’t cooperate with them and the 2nd time around, they wanted full price.
That’s why I try to steer away from that type of situation. However that was an unusual situation.
Reo,
Sorry I did not reply. I had not been online for a while. Work was crazy and I had a few deals working at the same time.
Anyway. I did not end up buying the note. The owner listed the property and I moved onto something else. I was trying to brain storm at the time.
Thanks for the input.