Anyone heard of Hedge fund buying Jumbo Notes - One at A time?

[Wendell De Guzman]

I came across this website:

http://assetadvisor.mfgcapitalgroup.com/p1.html

I talked with John Frazier of the above company. Seems to be a reputable company but the claims are too good to be true. So, I want to see if someone from this awesome community has dealt with this company before I spend some money with them.

Here's the goal: we have a homeowner who wants to sell his house but he only has 90 days before the house is auctioned off. Value of the house is $950K, loan is $860K but he has not paid his mortgage for more than 2 years now. Shortsale is possible but given that it takes 6-12 months to do a shortsale, the 90 day-period prior to auction is too short.

John approached me about his hedge fund that can buy notes - "one offs" - meaning one note at a time versus in bulk - provided the unpaid balance is $600K and above (or a jumbo loan).

The idea here is get the hedge fund to buy the note at a discount and then I can buy the note from the hedge fund. Once, I control the deal, I have flexibility to let the owner stay there or resell the house.

So, has anyone here on BP experienced buying notes "one offs"? If so, how do you suggest I do it in this situation? I tried buying the note directly from the bank but given that this bank is a large bank, I was given the runaround and the lower-rank employees who answer the phone say that they don't sell notes.

I am willing to partner with and share my profit on this deal with anyone here who has ACTUAL experience buying Jumbo loan/note from a bank (please, do not answer if you just heard it from someone...or you read it from a book, or worse, learned it from the "gurus"). Thanks!