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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buying junior liens from institutions. Posted by Ward-CA- on August 28, 2001 at 5:19 PM In Reply to: Buying Junior Trust Deeds From Large Finance Cos. posted by Rick on August 28, 2001 at 12:42 AM : Recently I contacted Countywide about buying a second trust deed that they currently hold. I spoke with a supervisor and explained that the first was in foreclosure and the second T.D. was in jeopardy of being wiped out. The supervisor told me that she had never heard of anyone calling to ask them to sell a junior T.D. before. It just is not something that Countrywide does. : Through the limited research I have done thus far, I have found that quite a few second T.D.s with junior bene buyout potential are held by large finance companies. I was wondering if it would be worthwhile to follow-up on those prospects, or would it be better to focus on junior benes who are private individuals or small finance companies? =•=•=•=•=•=•=•=•=•=•=•=•= Rick, up to a month or so ago I would have answered this question differently. I would have said don’t waste your time with institutional beneficiaries. But just lately I have had Junior Bene trainees report very good success with approaching the likes of Household, the Money Store, etc. and getting them to sell their 2nd position secured notes at deep discounts. So I’m changing my tune and telling our trainees to contact both private and institutional beneficiaries. Create an entity similar to mine, “Meridian Debt Resolutions LLC” that telegraphs you’re in the regular business of junior debt reallocation. And as far as Countrywide is concerned—the next time someone says “no, that’s not something we do” just answer, “...well you could say that about everything you now do that you didn’t used to do before!!” And then tell them that Household now does, the Money Store now does, Wells Fargo now does, etc. Good luck Rick. And let me know when you buy a junior lien from an institution. Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Recently I contacted Countywide about buying a second trust deed that they currently hold. I spoke with a supervisor and explained that the first was in foreclosure and the second T.D. was in jeopardy of being wiped out. The supervisor told me that she had never heard of anyone calling to ask them to sell a junior T.D. before. It just is not something that Countrywide does. : : Through the limited research I have done thus far, I have found that quite a few second T.D.s with junior bene buyout potential are held by large finance companies. I was wondering if it would be worthwhile to follow-up on those prospects, or would it be better to focus on junior benes who are private individuals or small finance companies? : =•=•=•=•=•=•=•=•=•=•=•=•= : Rick, up to a month or so ago I would have answered this question differently. I would have said don’t waste your time with institutional beneficiaries. But just lately I have had Junior Bene trainees report very good success with approaching the likes of Household, the Money Store, etc. and getting them to sell their 2nd position secured notes at deep discounts. : So I’m changing my tune and telling our trainees to contact both private and institutional beneficiaries. Create an entity similar to mine, “Meridian Debt Resolutions LLC” that telegraphs you’re in the regular business of junior debt reallocation. : And as far as Countrywide is concerned—the next time someone says “no, that’s not something we do” just answer, “...well you could say that about everything you now do that you didn’t used to do before!!” And then tell them that Household now does, the Money Store now does, Wells Fargo now does, etc. : : Good luck Rick. And let me know when you buy a junior lien from an institution. Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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