Performing Notes

[Jeremy Sanders]

I have a few questions in regards to purchasing a Performing Note, What does UPB stand for? It is a percentage down on the actual asking price of the Performing Note? Also if a percentage is not being requested, are you going to have to pay the full principal that is left on the Performing Note already in order to claim ownership of it? Or do you just put a certain amount down on the current principle loan until it is paid in full. My last question is do you have to pay all other fees on the performing note before you can claim ownership of it. For example, Foreclosure fees, keys, Deed of Title, etc. Or is this what will be paid for to you?

[Bill Gulley]

I stayed out of this as long as I could stand to, LOL

What you're looking at is marketing stuff based on an opinion that may or may not be valid, it's not even worth looking at. I also don't want to know where you got it.

You do not buy notes to become the owner of the property. Your initial thinking is even under misconceptions.

You don't even have "exit strategies" with a performing note except to sell it or to refinance it. You're buying it for the annuity income.

There are tons of threads here on notes, you need to start reading and digging to learn. Understand that there are probably 5,000 people here or that have been here interested in notes. Each one asked a question. Many of those asked the same question.

I'll jump in when there is a question that is beyond the basic core level of understanding the note business. I also jump in when there is bad information or some junk going on to clarify. I'm not going to repeat myself 5001 times due to the lack of effort on the part of new folks, I suppose they don't see that as rude to impose on those who know the topic. You can enter key words in the search box like "UBP" and get pages of threads discussing it. It would be different if there were no ability to search, but there is.

Not to discourage asking questions, but do some homework besides reading guru crap before asking, make an effort to see if there is an existing thread on a topic that answers the question, if it's not understood, form the question so that it can show what you did find or where some effort was put in, be as specific as you can. Asking a question like "How do I make a loan?" will be totally ignored by those who know what they are talking about, I would.

You need to do some studying before trying to look at the pot of gold, most of those pots have holes in the bottom.

Nothing personal, not blowing off at you, just that you're way in over your head right now and you need to back up, regroup, rethink, study and begin at the beginning. :)