Buying a NOTE from National Banks on its way to foreclosure?

[Brian Degener]

Good Morning BP,

 Has anyone ever had any luck buying a note on its was to foreclosure from one of the Big boys, wells fargo, deutche bank, nation star, etc??

Thank You

Brian

[Scott Mclaren]

I have bought and foreclosed 2 notes. They weren't started on foreclosure though. My question to you is, how do you get access to those notes from those big guys?

I am new in this and always looking to learn more about sources for notes.

[Jay Hinrichs]

@Brian Degener  can't say for certain.. however I would suspect this is impossible. the big banks sell their bad paper in bulk.. and gerneally to hedge fund players for them to sell an individual mortgage so someone like us I just don't think would happen.

I have had luck with Small commercial banks.. and local credit unions. .IE where you can personally talk to a decision maker  ( who is usually the VP or president fo the bank or the head credit officer)

[Bob Malecki]

Originally posted by @Brian Degener:

Good Morning BP,

 Has anyone ever had any luck buying a note on its was to foreclosure from one of the Big boys, wells fargo, deutche bank, nation star, etc??

Thank You

Brian

 Not unless you can muster up $50-100M to buy a large pool. They don't sell singles, you need to buy the whole pie.