Banks sell these notes to clean up their balance sheets or offload "non-performing" (delinquent) loans. 1. Find the Right Sellers
Don't call the local branch teller. You need the decision-makers: Ask for the . Request to speak with the Secondary Marketing Manager . Ask for the VP of Asset Management . 3. Vet the Note (Due Diligence) Before sending money, verify these three pillars:
Large banks (Chase, BofA) rarely deal with individuals. Target smaller institutions: how to buy a mortgage note from the bank
Get a Broker Price Opinion (BPO) or drive by to check the condition.
Review the original Note and Deed of Trust. Ensure the "chain of assignment" is unbroken. Banks sell these notes to clean up their
This document is recorded at the county level to prove you are the new legal owner.
A physical attachment to the original note signed by the bank to transfer ownership to you. You need the decision-makers: Ask for the
More likely to negotiate on single notes.