Assignment of Mortgage

[Rich Hupper]

Hi BP

I have been following a vacant property for sometime. Recently while reviewing its title I noticed a new document recorded, concerning a small heloc that was opened back in 2006.  ( please see picture below )

Can someone help me understand this document? Did the original mortgagee ( bank of america ) sell the note to another investor? Is the new owner of the note "Pretium Mortgage Acquisition Trust"? Or was this a change in who services the note? 

If Pretium is the new owner is anyone familiar with them? Do you think there is a chance they would sell the note to an individual investor? I am 99% positive it is non performing. 

Thanks for any experiences you can share with buying notes like this.

[Chris Mason]

Originally posted by @Rich Hupper:

Hi BP

I have been following a vacant property for sometime. Recently while reviewing its title I noticed a new document recorded, concerning a small heloc that was opened back in 2006.  ( please see picture below )

Can someone help me understand this document? Did the original mortgagee ( bank of america ) sell the note to another investor? Is the new owner of the note "Pretium Mortgage Acquisition Trust"? Or was this a change in who services the note? 

If Pretium is the new owner is anyone familiar with them? Do you think there is a chance they would sell the note to an individual investor? I am 99% positive it is non performing. 

Thanks for any experiences you can share with buying notes like this.

 I don't know for certain (duties as a loan originator do not include this sort of stuff), but my guess is that it was non-performing with BofA, BofA didn't ever expect to get paid back, there wasn't any equity and BofA is in 2nd position so no point in foreclosing, so Premium Mortgage Acquisition Trust purchased it from BofA for pennies on the dollar and BofA was happy to have it off their books.