All Forum Posts by: Tim Rothermel

Hi @ Wayne Snell!

loving your input on this thread, would it be possible to send me the link to the video you mentioned?  I'm a newbie trying to get a grasp of the note business and would love any insight on how to sort through a tape in an efficient fashion.

I'm in the same boat as most in this thread!  NNG Note Academy has great resources for "dummy diligence" practice and also Scott Carson's "The Note Closers" Podcast is phenomenal.  Even provides a checklist of the due diligence process so us newbies don't miss anything. Episode 167 in particular

Thanks so much @Chris Seveney!!  Also, please don't worry about sounding "harsh".  Lifetime in sales, I have no feelings :)

Hi @Cody Backus!

I'll piggyback to elaborate because I've been wondering the same thing.  

If I wanted to purchase 1st or 2nd position notes does the LLC have to filed in the states I'm looking to purchase from? Also, would having the LLC allow me the ability to do my own work-outs or would I still need a servicer? It sounds like there are myriad subtle hoops to jump through to make sure anyone is properly protected via their LLC.

Any insight/words of wisdom would be greatly appreciated!

outstanding!  Thanks so much for the heads up!

Anyone know if you have to be accredited to participate in the fund from RCM?

thanks @David Putz!!

That's really great insight on who to connect with to try and see if this can really be viable.  I'd love to learn a little more about the instances where you've forgiven the debt and how that played out.  Also, sent you a message because I'd love to learn more about those other groups as well!

You're the best, thanks so much!  I tried sending a note with my contact info, but not sure if it came through.

@Gail Greenberg that makes sense, I would hope to make the argument to the note servicing company that taking money from our organization is way easier than trying to collect but I suppose it would be more profitable for them in most cases to just foreclose.

Getting in touch with foreclosure attorneys is a great idea!  Would it be possible to "reverse engineer" from the borrower back to the note lender and purchase at a discounted rate?

PS - Sorry to keep peppering you with questions, but I am truly grateful for any help at all!!

@Gail Greenberg, that's actually what inspired me!  The organization that John Oliver used is called "RIP Medical Debt", they've raised close to $1 million to use towards forgiving medical debt so far.  I've been emailing one of the founders back and forth and they are very interested in pursuing the idea into the mortgage space but we aren't particularly well versed on the "nuts and bolts" of how to dig up mortgage notes that would fit into the mission.  Once we figure out how to identify people in need and ensure the fact that they would be truly "free and clear" after the forgiveness, the people at RIP Medical Debt were very forthcoming about lending assistance to fundraising ideas/methods to help finance the note purchases.

I'd say you pretty much nailed one of my chief concerns.  I was hoping it would possible to filter out who may be truly in need vs. who is just coasting during the due diligence but seems that may be a tall mountain to climb.  At this point, I don't know enough about the note world to see if there are payment patterns that may indicate needy vs coasting or some other possible indicator.  I'm sure we'd have to target 1sts since forgiving a 2nd wouldn't do much good.  Are there specific places you've turned up more of these types of notes you had to walk way from? Like searching note exchanges vs buying tapes from a bank?

Perhaps the best way to get off the ground if it all comes together would be to create a network of investors like yourself that find notes they have to walk away from due to being elderly/disabled or otherwise truly desperate.

Gail, I can't thank you enough for your tips and advice!  I'm at the very beginning of this endeavor, but I appreciate you pointing me in the right direction!