BiggerPockets

I was just hired (though unwillingly) to purchase a note on behalf of a past client. He held a second mortgage and they both began to default. I encouraged him to foreclose faster than the first and he did. He now owns the property subject to the first note and needs them to take an $80k discount in order to protect his $100K. I know my way around a lender, but where do I start? Loss Mitigation? Secondary Marketing? Submit a short sale package? (I do short sales now and used to run a dept at a lender which is why he felt I was qualified).

But still don't know where to start. Please help with any guidance. Perhaps we can trade information. :)

The lender is WILSHIRE, and since its a small bank, i'm actually not sure if they service their own loans or if this is an investor's.

So Capital markets huh? Not Secondary Marketing,,, ok.

That title sounds like you work at a bank and know the exact person you'd be referring to huh... Which one do you work at? I was just laid off in June.

I work with banks (about 30) endeavoring to acquire distressed assets for my clients. If I want to get approval on a transaction it usually comes from someone with a title like that.

Yea I am referring to someone specific. If one of the asset managers is not getting back with me tactfully one call to him will take care of that.

Do not start at the bottom start at the top.

Check out Reuters find out which director is in charge of who you want to talk to!

Be persistant!

:cap:

I recomend we begin building a relationship and get to know who we are and what we bring to the table.

Call the bank and ask for the secondary marketing depatment or Whole loan trading desk.

Good Luck!

Originally posted by Lindsey Kinnsch

I was just hired (though unwillingly) to purchase a note on behalf of a past client. He held a second mortgage and they both began to default. I encouraged him to foreclose faster than the first and he did. He now owns the property subject to the first note and needs them to take an $80k discount in order to protect his $100K. I know my way around a lender, but where do I start? Loss Mitigation? Secondary Marketing? Submit a short sale package? (I do short sales now and used to run a dept at a lender which is why he felt I was qualified).

But still don't know where to start. Please help with any guidance. Perhaps we can trade information. :)

Any luck? I pursued a few but soon discovered most in the area were Fannie mae or insured in some way and would not sell at a discount. :roll:

read it a little closer still and realize that the post you commented on is two years old!

Hi, Sam, how did you find this? LOL I've done that too. But just to put the info out, get your discount and work out your second, don't foreclose! If you can't get anywhere, then you can foreclose, but then you are in the borrower's shoes, taking it subject to, and you'll probably need to take what you can get. You can probably assume the payments, some states require that possibility. Fix and flip and pay them off! Bill