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The 5 Most CLUELESS Note Investors I Ever Met
#1 Innovative Strategies Contributor
- Investor
- The Woodlands TX / Avon, CT
It’s probably wrong for us to laugh at people who lack some knowledge - but why would anyone invest in something they don’t even have a basic understanding of? Here’s the 5 most clueless note investors I’ve run across
1. The note investor who thought that even after he sold the note he was still entitled to collect the monthly note payments.
2. The note investor who thought that after the debtor was late with a payment he could just walk in and take possession/ownership of the property without foreclosure proceedings
3. The note investor who believed that missing a note payment was a CRIMINAL offense and wanted the AG to file criminal charges
4. The note investor who thought the debtor had to pay for the full term of the note and couldn’t pay off the note early
5. The note investor who thought interest is paid on the original principal rather than the unpaid principal balance.
- Don Konipol
Most Popular Reply
One that I've seen a few times is people thinking they can sell a note based on the sum of all the remaining payments instead of the principal balance.
- Dan Deppen