Advice needed for acquiring a non-performing note

[Cherie Harnetz]

Hi,

I'm a newbie to Bigger Pockets and I'm looking for advice on acquiring a non-performing note.

The situation is I had a friend who recently passed. She stopped making mortgage payments in Sept 2016 and now the bank is in the beginning stages of taking the property back. Her sister is still receiving notices from the bank requesting arrears of 16k to bring the payments current. Her sister does not want to go through probate to acquire the property so I believe there may be an opportunity to acquire it as a non performing note. The sister provided me bank contact info, etc to pursue this route. Is it good practice to contact the bank directly? If so, what questions to ask? I want to position myself as a serious buyer and any advice would be greatly appreciated. BTW - the property's ARV is 220k and requires about 25k in rehab costs.

[Ellis San Jose]

Unfortunately there are too many holes in your plan & understanding of the process.  The $125k BPO theory is not accurate.

Also, acquiring a note doesn't automatically mean you receive title to the property. 

She will have a better results by bringing the loan current & consulting an attorney who understands probate & real estate.

Best of luck