The first note I purchased is turning into a joyride

[Account Closed]

So I’m new in the world of Notes but I feel the fog is starting to lift. The first one I purchased was supposedly a performing modified note in BK. Turns out the owners are deceased and the person who is claiming to be the owner is a relative and did not receive the house in probate. The mortgage is non assignable. So she has no business claiming it in BK and she had no business negotiating with previous lender on a modification. I bought this as a performing one (or so I thought) as I wanted to ease into this. But Ce la vie. But I’m learning and I’m cool with it all. It’s led me to a lawyer I’m very comfortable with. An insurance agent as I need to place forced insurance on it that I’m very happy with (and has been helpful overall about the business) and the servicer has been helpful. So those on the fence, it’s not for the faint of heart but jump in the water is warm :) Have a nice weekend everyone

[Jay Hinrichs]

@Account Closed I think the first thing to learn from this is reperforming means not much.. 50% 0r more that reperform you will foreclose on shortly ... once people go down that rabit hole they tend to do it again.. so when your buying a reperormer price it like a NPN.. at least I would.

only performing note that I would buy priced as performing is one that never had a default. or much or any lates..