All Forum Posts by: Bill McCafferty

1. The original note. There is a recorded copy, but no original.

You will need a Lost Note affidavit from the seller. This is only acceptable if it's a good reputable company.

2.The allonge chain is incomplete.

Sometimes the allonges are stamped on the back of the Note. Not having the original note, doesn't help you. You will need to clean up the allonge chain. Put pressure on the Note Seller to fix the allonge chain. If it's a MERS loan there website may help.

3. There is no payment history.

You should at least get a loan balance & next payment due from the Note Seller. If you don't get a next payment due. Put the original loan information in a Bank Rate Mortgage Amortization calculator and match up the loan balance that you purchased with that amount due, use that date as the last payment made. You can also use the last paid date on the credit report.

4. The 1003 loan application

Not the end of he world, but it does help.

1. I'm trying to understand how much of a problem this may become. If I have the original note, but not the original mortgage, does that mean I can only go after the homeowner on a personal level without the leverage of possible foreclosure? What about the other missing items. How big of a deal is it that they're missing?

I like the original note in the file, not a big fan of lost note affidavits. If the mortgage is not the original, you can always order a clerks certified copy from the county. Not a big deal and is easy. Make sure the assignment chain is in check. They need to be originals or clerk certified copies. Just my 2 cents, hope this helps. Good attorneys and Trustees can also help you get documents cleaned up and recorded.

A seminar, changed my life. I also wasted money on some. But it's about education and don't ever stop. The day you stop, is the day you stop moving forward. My 2 cents..........

@Dion Depaoli understood. I use servicers for the majority of loans. The reality is I would go broke waiting on services to get me paid, from NPN. I keep it clean and professional. Yes there are rules and regulations. Thanks. I take my chances and will continue to. Your advice and input is appreciated.

Just my thoughts: Start legal. That should be done on every non performing note, in my opinion, if you want to force a result. Send out a few letters explaining that the company is foreclosing on the property, you understand they are not liable for the debt, but if they want to stay in the property they will need to address the 2nd mortgage; through a payment plan or payoff. Let them know your a workout Specialist for the company looking to help them. I talked to a Chapter 7 discharge borrower today, it takes a while for them to realize what's going on. Some play dumb, but most don't fully understand. Let legal bring them to you. CA takes 8 months to FC. Legal FC Cost is $3,000 - $4,000. You can in box me for a good legal contact in CA. Just my thoughts. I work a lot of distressed 2nds discharged from Chapter 7 BK. My sweet spot.

I have been working distressed 2nds for the last 5 years. Its a learn by doing business. Its always better to work your own files, if you can. I agree with Joe Gore, Non performing seconds are money makers if you are patience.

@EllisSanJose

Well said. Its a numbers game and emotional equity is the key to NP 2nds with no real equity.

Just sent my contact info Joe.

Joe,

I have had good success in AZ, CA, CO, TX, TN.

Joe,

We buy all over the country. I like non judicial states the best.

I buy also. I have 2 partners and we have a fund. We buy, manage and sell.