Real Estate Investor · Novi, MI · Member since 2010 · 44 posts · 5 votes
I have a bank that offered up a note for a property that has an Auction date. I have a buyer lined up. What happends to the auction when I buy the note and filp it to a new buyer? Will the bank stop that auction date? Or do I get the lawyers,auction date and Lawyers fees and court fees that go with it. Is all of that turned over to me now? Thanks
Once you buy the note its yours to deal with as you wish. The bank is no longer involved. Any existing foreclosure action would be withdrawn because the bank no longer has any right to proceed with the foreclosure.
I wouldn't think you would be on the hook for any fees associated with the foreclosure, but you should make that explicit in your agreement with the bank.
Once you buy the note its yours to deal with as you wish. The bank is no longer involved. Any existing foreclosure action would be withdrawn because the bank no longer has any right to proceed with the foreclosure.
I wouldn't think you would be on the hook for any fees associated with the foreclosure, but you should make that explicit in your agreement with the bank.
Hi, Jon is right, the bank will take into account what they have in that loan when they sell the note. They will take that expense to date. What kind of deal do you have with the borrower before you buy the note or do you want to step into the lender's shoes? If you have no deal with the borrower, what makes you think you're going to make any money? Good luck, Bill
The foreclosure doesn't automatically stop when the mortgage is assigned to you. I have been involved with a number of transactions where my firm has purchased a note half way through the foreclosure process.
You will receive an assignment from the bank you are purchasing the note from and depending on the specific county filing the assignment may complicate the foreclosure proceeding but typically wouldn't make you start over.
Kondaur regularly sells notes with pending foreclosure dates and you are able to continue right on with the upcoming foreclosure date.
If anyone has any other questions I used to work for a hedge fund that specialized in liquidating distressed mortgages.
I have access to non performing mortgages for sale if anyone is interested please private message me.