Purchasing mortgage from the lender

[Brent Austin]

There is a property for sale in my investment area that is a POS at this time that is vacant and for sale for $99k.

I am wondering if maybe it would be better to approach the bank and attempt to purchase the loan instead.

Since it is vacant and in very bad condition, they may also be behind on the mortgage as well.

This way, if I purchase the loan for the balance when the owner finally defaults, it's mine for the cost of the loan and paperwork.

Thoughts?

[Chris Seveney]

@Brent Austin

If it’s a major institution you will not get them to sell it, it’s like going to ford and saying I want this car off the assembly

Also most loans are securitized and packaged into MBS so they cannot remove it

You will waste lots of time and effort getting no where.

If it was a local private lender maybe but best bet is to find the owner and buy it outright