Need help with strategy

4 Replies

So a while ago I heard James Wood speaking, and he mentioned a strategy that involved finding houses with loans that originated with now-bankrupt banks. He would contact home-owners that had loans originally with these banks, and work with the home owner to contact the mortgage-servicer to negotiate a much lower balance because they did not have the original note. He would then charge the homeowner for services rendered or whatever and be on his way. Does anyone know what this is called, and where I could find more information about it?