Purchasing the 1st mortgage vs a short sale
I'm trying to buy the 1st mortgage note on a property instead of trying to do the short sale. The mortgage is with PHH Mortgage and they didn't know where to direct me to get the process started.
Does anyone know who to contact there at PHH to at least attempt this?
Is anyone else having success at this strategy?
In my experience, there are 2 ways to do this. One is impossible, the other very hard.
If you find a house and then try to find that exact loan for sale, it is impossible.
If you shop for loans that are for sale, find one and then research it and discover the house/deal is right, it can be done. But you need the right situation with willing owners and no junior liens.
The only way the buy the note instead of short sale really works is with bulk.
Call and ask for the secondary marketing department OR the asset manager in charge of that particular property. If they don't sell one offs, you are SOL.
