Mortgage Notes: 2 year 57% LTV 13% Yield - too good to be true?

[Po Chan]

I recently come across TrustDeedResale.com where they are selling short term mortgage notes with low LTV and relatively high yields - 11% -13%. These investment seems to be a good investments. Assume the worst case where the mortgage are defaulted, the low LTV should still cover the note holder and some (assuming there are terms for late payment and default charges). Can anyone share their experience buy these kind of notes? I would like to know if this is something legit and what to watch out for with notes like this.