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Below is a question I got asked recently. I thought this was valuable info, so I am sharing it with you here:
“I have read all there is to know about lenders and their reasons to sell properties at discounts…
Dean, what would be a lender’s main concern which would get them to sell mortgage notes at deep discounts? I feel that since we’re trying to get into the minds of the LMREP, it would be more advantageous to all, if we could sell our services to their main concerns”.
My reply: Make sure you distinguish (in your thinking and in your language) properties from mortgage notes. You mentioned both in your question above.
If you were speaking to a bank rep, they would know that your inexperienced. They would probably think that you’re a newbie that doesn’t know the difference between a deed of trust and a deed, this for certain would get you no repsonse from the bank.
Buying Mortgage Notes – Tip
Just a word of caution to bone up on your note lingo before you talk to the banks:
When buying mortgage notes, it can be tricky to find the right contact. So once you find them, you need to make a good first impression. You only get one chance.
How is that for wisdom?
A list of reasons:
Institutional-Level Reasons to Sell Mortgage Notes:
a) banks may be merging or have annual reports that are due, and selling off the notes is the fastest way to clear assets.
b) bank may have a “relationship” with the borrower, or there are extenuating circumstances.
c) the bank may not want “bad press” and might be under to pressure not take aggressive recovery actions like foreclosure against the borrowers. An example would be minority first time home buyers.
d) bank may not want to actually take borrowers to sale, though having no trouble with foreclosure procedures. (I’ve often found myself in the position of buying mortgage notes from a bank 1 week prior to sale because they didn’t want to be seen carrying out the actual foreclosure)
e) the loan can be negative equity, and the banks dont want the recovery action/expense. (small loans amounts might never be foreclosed on because the expenses are too high, this is a fantastic opportunity in buying mortgage notes)
f) bank wants to “price” a part or all of its non-performing book, in which case it sends out loans to bid to see what the market would pay for them.
Reasons to Sell Mortgage Notes at the Individual Reps
a) loss mitigation rep is “sick” of dealing with a particular borrower. Never follows through on reinstatement promise/swears at loss mitigation rep/ticks rep off
b) borrower is non-responsive, no contact
c) foreclosure processes in their state are too long
e) rep or rep’s direct boss has authorization over certain level of write-offs and mortgage note sale (unsolicited or solicited) is within that level (take note here: e.g. 30% discount on $30k loan is $9k – rep’s boss may have authorization to write off up to $20k/loan, same 30% discount on $100k loan is over that limit, would require boss to send “up the line” and takes too much work for rep and his boss, so they’ll pass)
f) in order to meet quotas, they may sell off a couple mortgage notes so they can get their bonus. (this usually happens in banks)
I hope you found this information useful.