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Updated over 7 years ago on . Most recent reply

Kurt Yordy's profile image
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Kurt Yordy
  • Investor
  • from Palmyra, Pennsylvania
  • Member since Jun 18, 2016
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Kurt Yordy's profile image
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Kurt Yordy
  • Investor
  • from Palmyra, Pennsylvania
  • Member since Jun 18, 2016
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Kurt Yordy
  • Investor
  • Palmyra, PA
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Tax Liens & Mortgage Notes

Buying a second mortgage

Kurt Yordy
  • Investor
  • Palmyra, PA
Posted

I am working a preforeclosure right now, and there are 2 mortgages.  My goal is to buy the second at a discount.  However, it is owned by First American Title Company, rather than a bank.

Has anyone ever purchased a note from them?

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Joshua Andrews's profile image
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Joshua Andrews
  • Lender
  • from Austin, TX
  • Member since Aug 19, 2012
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Joshua Andrews
  • Lender
  • from Austin, TX
  • Member since Aug 19, 2012
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Joshua Andrews
  • Lender
  • Austin, TX
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Joshua Andrews
  • Lender
  • Austin, TX
Replied

Hi Kurt,

Buying it from First American or any large institutional owner is extremely unlikely. Unless you own the 1st mortgage and are foreclosing, it is unlikely they will entertain any type of conversation. If you do own the 1st lien, just complete your foreclosure to wipe the 2nd lien from property title.

- Josh

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