How To Buy A Mortgage Note From The Bank ⇒ <TRENDING>

Get a Broker Price Opinion (BPO) or drive by to check the condition.

Buying a mortgage note means you are buying the , not the property . You become the lender, collecting monthly payments and holding the right to foreclose if the borrower stops paying.

Usually sell for 80%–95% of the balance.

Often hold their own "paper" rather than selling to the secondary market.

This document is recorded at the county level to prove you are the new legal owner.

Notes are bought at a discount to the "Unpaid Principal Balance" (UPB).

Don't call the local branch teller. You need the decision-makers: Ask for the . Request to speak with the Secondary Marketing Manager . Ask for the VP of Asset Management . 3. Vet the Note (Due Diligence) Before sending money, verify these three pillars: