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Updated about 3 years ago on . Most recent reply

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176
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Gary Dezoysa
  • Orlando, FL
23
Votes |
176
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NPN: Contact the homeowner before or after buying the note?

Gary Dezoysa
  • Orlando, FL
Posted

Hi all, let's say you find a bank willing to sell to an individual investor and review their spreadsheet for potential deals. I'm a little uncertain of the timing on when to contact the homeowner to see what options are possible for fixing their situation and exiting at a nice return. Ideally I can contact them before buying their mortgage. "Hi, my name is Gary with XYZ LLC and I might be taking over your home loan. Do you have a moment to talk about that? {Then ask a few questions to figure out a good option for them}

Or do investors normally have to buy the note first before being legally allowed to contact the home owner?

If the later, seems like it makes notes much more of a gamble, since you don't really know what exit options are on or off the table.

Most Popular Reply

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Chris Seveney
Lender
Pro Member
  • Investor
  • Virginia
15,273
Votes |
17,720
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Chris Seveney
Lender
Pro Member
  • Investor
  • Virginia
ModeratorReplied

@Gary Dezoysa

NEVER EVER EVER contact a borrower on a loan you don’t own

If you are buying a loan you most likely signed a nda that explicitly states you cannot share the info with anyone

  • Chris Seveney
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7e investments
5.0 stars
12 Reviews

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