Finally!!!!!!!! My FIRST DEAL EVER!!!!

[Alin Toncz]

I finally put up an offer and was accepted. I placed a $ 2,000 bid on a NPN of $ 92,000, but the house has a value of only $ 65,000 max. I'm thinking if I can get the current occupant to agree with a restructured and lower principal balance that I can turn this into a Performing Note. If not, I can still foreclose and sell the house 20-30% below market value and still make some money. This is my first deal, hope it all goes well....

[Alin Toncz]

This is a reply for all:

NPNs are non performing notes where a mortgagee failed to pay his mortgage for sometime. The note or mortgage holder that has had enough, puts the NPN up for sale on a servicer site: I'm using FCI Exchange. If the mortgage is for $50,000, the note holder will sell that mortgage note for a discount (many times for less that 50%). Now, I buy the NPN for let's say $20,000, I can use the servicer to do all the title & lien searches while I hire a home inspector to inspect the property. I can also use the FCI servicer to communicate with the mortgagee and either ask how much can the mortgage afford to pay a month. What I can do is restructure the payment with a lower interest to make it affordable for longer periods of time. If mortgage refuses to wot work with me, I can use the FCI servicer to initiate foreclosure, where I have to pay foreclosure costs. I can also offer the mortgage cash for key helping him avoid 7 years of bad credit & foreclosure costs for myself. Once they move out, I can rent it, sell it outright at lower market value or finance it to a new buyer. Hope this helps: I tried put it into words as I understood it explained by Eddie Speed