Updated almost 8 years ago on . Most recent reply
Buying a Note from a Loan Servicer
Hi. I'm unfamiliar with this territory so apologies if my terminology is off. I am the second lienholder on a property that's been in default for 10 years. The loan's been sold and is being serviced by a company in California. Does that mean they own the note now? I'd be interested in buying out the first note, at a discount, given it's not yet been foreclosed on in 10 years or so, and I want to take control of the situation. Is it worthwhile to even entertain this? Original balance on the loan was 1.3M in 2009. Now with fees payoff is probably 2M+. Property probably worth 2.3M. My second lien is 400K. Would they entertain an offer from a second lienholder to buy the note? Or what about an external investor without a lien? Do they care who's buying it?