Investor · Orlando, FL · Member since 2013 · 837 posts · 316 votes
PERFORMING NOTE FOR SALE
BUFFALO, NY - 1st Position - ID #57994
Original Note Date 07/27/2001
$23,284.30 UPB @ 6.75% $221.83/mo
$80,000BPO June 2017
Purchase Price: $20,500
To Complete NDA and view transaction details with collateral file (docs, servicing notes, payment history, BPO, title, etc) you can visit https://notesdirect.com/
Please note, this is neither an offer to sell any security or an offer to purchase any security. Nothing in this communication is intended as legal or specific financial or investment advice or intended to address the objectives or needs of specific individuals. If you require legal or specific financial or investment assistance please consult your own attorney, financial planner or Trustee for legal or financial advice.
What exactly is a 1st position performing note? I’ve not heard of this before?
Hello Jennifer! When you own a note, you are acting like the bank. You are the one receiving the payments. If something needs fixed the owner has to do it. And like the bank, you also have the right to take the house back in the event of non-payment. Investors buy performing notes for the interest income and cash flow while others buy non-performing notes to either work-out a payment plan that helps the payers get performing (current) again or take the property back if they can't. There is a great section on Bigger Pockets dedicated to this topic called: Tax Liens, Notes, Paper, & Cash Flows Discussion. You can also check out my series of forum posts with 12 examples of buying mortgage notes. The first one is here: https://www.biggerpockets.com/forums/70/topics/514...
Queen Creek, AZ · Member since 2014 · 2k+ posts · 1k+ votes
8y
@Jennifer Dixon When you buy a note your are buying the loan. A mortgage usually comes with it and is the document that give the owner of the note the right to foreclose on the home if the terms of the are violated (none payment).