Trying to buy CitiFinancial 2nd that was wiped by fc

[M F]

we have tried to buy a second mortgage from citifinancial that was wiped off by the foreclosure of the first mortgage on a property. They say they wont sell their mortgages even though they have been wiped off and that they do nothing with them. I found this hard to believe, my experience has been that the larger companies insure their mortgage either through the government fannie maes of the world or through a private company such as old republic.

Anybody have any experience with CitiFinancial?

Has this been your experience?

Do you have a contact in which you could buy from? If so, I would be willing to pay you some juice.

[Christopher Lippincott]

Originally posted by "RealEstateFace":

we have tried to buy a second mortgage from citifinancial that was wiped off by the foreclosure of the first mortgage on a property. ..

What would be the point of buying a worthless note? Non performing seconds are seeing 1-5 cents on the dollar. I am not even sure what a worthless second would fetch on the open market or why you'd be interested in buying a non collateraled note?

Can you give me a "what are you thinking" viewpoint so I can try to understand the question better