Can’t get the home owner in pre-foreclosure to sell you their house…FORGET THEM…just buy the note. Check this out: A guy tells how he does it http://www.thefastlanetomillions.com/real-estate-residential/2226-preforeclosure-note-buying-thought.html
WOW -- a great Pre-Foreclosure Strategy through NOTE BUYING !!!
Thanks for sharing !!! :beer
That’s one way to get around the owners who seem to think that a miracle is just gonna pop up and save them.
Called Citimortgage to check it out and they told me they only sell to loan servicing companies. ??? How would I get around this?? I know they want you to be a valid company, but the way it sounded is that they do not sell individual notes… any input??
I would like to move forward this way only because the short sale on a house I am looking at will be to long and the current mortgage is $1700.00 rents in the area are in the 1100-1400 range (FYI payment is behind 2 months now)
Buying the note is much easier said than done. Consider CitiBank has over $600 billion in loans. Most of these loans are packaged with other loans and sold off to investors with the servicing either attached or detached and sold to yet another company. What do you think the odds are that they will strip out a single loan and sell it to you? It’s a pretty low probability but it doesn’t hurt to ask, you will likely have better luck buying distressed loans from your local community bank.
It certainly seems that way. I suppose getting the short sale process moving forward is the best way to getting this done.