- Non-performing notes
If you have recently started thinking about non-performing notes for sale, then it’s time to get serious about it. Non-performing notes for sale are accounts where collection attempts on the mortgage have been unsuccessful.
That might sound like something you don’t want to purchase, but that’s where you would actually wrong because buying these non-performing notes for sale is actually better and easier than you think! Many lenders are actually more than willing to sell non-performing notes at a loss, which means big profits for you.
In reality, Non-performing notes for sale are really just secured debts. If you’re confused on what that means, let us break that down- it means good news for you because even if the loan fails to revive its performance, the note owner is still entitled to the property. Overall, it means that investing in non-performing notes for sale can be an excellent alternative to high intensity foreclosure auctions.
What can you do to purchase a non-performing note that’s for sale?
It’s easy if you follow these tips:
- Contact a trusted loan broker in your area because the loan broker will know exactly how to get you the non-performing notes for sale that you want.
- Review the mortgage agreements of any non-performing notes that you purchase. Why? Because you need to determine what you need to do after looking at the payment record. If they are not up to date, a foreclosure might be the easiest thing to do on mortgages that are more than 90 days late on payments.
- Offer a modified loan repayment plan to the mortgagor. It makes sense because you will have paid such a low price for the non-performing note that’s for sale, you might just be able to lower the minimum monthly payment. Additionally, lowering the price means you will have a higher chance of getting the loan to perform. Again, good news for your bank account.
- Big Daddy Dennis Hard Money Lender
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