Non performing seconds
I am buying at sheriff auction. There is a deal coming up in which Wells Fargo is the plaintiff and there are two defendants, the homeowner and US Bank N.A. I want to know if is at all possible to purchase the "second" from US bank prior to the sale to give myself a competitive edge against other bidders.
1. Will banks sell individual notes to the public?
2. If so, how the hell to you get the right person on the phone?
From a logic standpoint ( I know banks seldom use logic) they could sell to me for even 10 cents on the dollar or get nothing as all of the proceeds may get eaten up by the first lien holder.
Please advise
Ryan