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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Takes an Institution to Know One. Posted by Sam on December 23, 2003 at 9:40 AM In Reply to: Takes an Institution to Know One. posted by SeanW on December 03, 2003 at 7:16 AM : 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. That's certainly good information to know. Bat as far as answering the question is concerned, it falls way short. The questions were: As an investor how can I buy a default loan from a bank and get assinged? How about 1st morgage? What is the strategy? If anybody can actually answer these questions, I'm sure the information would benefit a lot of people. Yes, we know it can be done, it's done every day, we would like to know HOW it is done. thanks Sam Follow Ups: 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. : That's certainly good information to know. Bat as far as answering the question is concerned, it falls way short. The questions were: : As an investor how can I buy a default loan from a bank and get assinged? How about 1st morgage? What is the strategy? : If anybody can actually answer these questions, I'm sure the information would benefit a lot of people. Yes, we know it can be done, it's done every day, we would like to know HOW it is done. : thanks : Sam 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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