mortgages . Thank youHow do you buy delinquent mortgages ?
Buy shares in Citi or Bank or America?How do you buy delinquent mortgages ?
Sure. There are plenty of ways.
You can't buy them from banks (at least not yet), but you can buy them from individuals. There are plenty of people who've taken back financing, and the buyer is defaulting. There are plenty of other people who took back financing, sold the note to a third party, and the buyer is defaulting.
Among the ways to find those: classified ads in newspapers (look under the ';Notes'; section of the classifieds) and Craigslist. There are also a number of web sites that specialize in buying and selling notes. Most are performing, but some aren't. One site is eNoteWorld. Go to http://www.enoteworld.com/cgi-bin/Auctio鈥?/a>
You can advertise in the papers and on Craigslist, too, to find nonperforming mortgages.
Hope that helps.
If you were the U. S. treasury, you would be buying all the subprime loans now in foreclosure to save the idiots who were part of the scams.
You might try advertising to attract individuals who are in foreclosure with a small town bank as they may sell you the mortgage as it is probably in their portfolio and not sold to the secondary market. Just a thought. Guess my question is why you would want to buy a delinquent mortgage and assume the risks and headaches unless you want to foreclosure on the borrower and own a troubled piece of real estate yourself.
You would have to buy the note from a bank, but they wouldn't sell to an individual.
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