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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Buying Junior Trust Deeds From Large Finance Cos. Posted by Treasurecoast on August 29, 2001 at 9:27 AM 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, you are pretty obviously talking to the wrong person at Countrywide, probably a clerk, definitely not a "Loss Mitigation" person. What I have found in past on junior liens I was trying to buy from Beneficial, Household, CITIFinancial, etc., type lenders is that once their loan goes into default, the loan is shifted out of the local office, to some distant, centralized, Asset Management office. In my opinion, a lot of these loans are just really "signature" type loans, but these secondary lenders make the borrower sign a mortgage/note for additional security. When the "first" forecloses, these junior lien holders don't seem to do anything... just sit there and get wiped out at the courthouse steps. I really think that this is just a part of their "cost of doing business." I would also like to hear from others who have had successes, or failures, in buying these seconds. You'd think they would want to get rid of these like "Hot Potatoes"! 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, you are pretty obviously talking to the wrong person at : Countrywide, probably a clerk, definitely not a "Loss Mitigation" : person. : What I have found in past on junior liens I was trying to buy : from Beneficial, Household, CITIFinancial, etc., type lenders : is that once their loan goes into default, the loan is shifted : out of the local office, to some distant, centralized, Asset : Management office. : In my opinion, a lot of these loans are just really "signature" : type loans, but these secondary lenders make the borrower sign : a mortgage/note for additional security. When the "first" : forecloses, these junior lien holders don't seem to do anything... : just sit there and get wiped out at the courthouse steps. : I really think that this is just a part of their "cost of doing : business." I would also like to hear from others who have had : successes, or failures, in buying these seconds. : You'd think they would want to get rid of these like "Hot Potatoes"! 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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