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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Takes an Institution to Know One. Posted by SeanW on December 03, 2003 at 7:16 AM In Reply to: How to buy a default loan from a financial institution??? posted by bob on December 02, 2003 at 7:20 PM This has been asked before. Basically, small individual investors have a decent shot at buying a 2nd or 3rd mortgage, since these lenders are under serious pressure to cut their losses. They're also more likely to be "subprime" lenders, (and it's just not as buttoned-up an industry as with conventional lenders in 1st position.) Conventional lending is a whole other ballgame. Much of the time, the loan has been sold to the secondary market on Wall Street, and "The Bank" is just a servicer for the loan. There's also FHA and VA insurance on many conventional loans. The lender doesn't have a lot of incentive to wheel and deal, since they'll get paid off anyway. Follow Ups: Re: Takes an Institution to Know One. Sam 9:40 AM, 12/23/03 (0) Post a Followup: Name : E-Mail : Subject : Comments: : This has been asked before. Basically, small individual investors have a decent shot at buying a 2nd or 3rd mortgage, since these lenders are under serious pressure to cut their losses. They're also more likely to be "subprime" lenders, (and it's just not as buttoned-up an industry as with conventional lenders in 1st position.) : Conventional lending is a whole other ballgame. Much of the time, the loan has been sold to the secondary market on Wall Street, and "The Bank" is just a servicer for the loan. : There's also FHA and VA insurance on many conventional loans. The lender doesn't have a lot of incentive to wheel and deal, since they'll get paid off anyway. 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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