All Forum Posts by: Patrick Desjardins

Yikes, looks like you're really starting from scratch. The last thing you should do right now is buy a note as it sounds like you have no clue what to do with them.

I'd recommend you seek out some of the newbie friendly conferences to get acquainted with the lingo, the vendors, the basics.

Most of them are junk but if you want to look at notes and get a feel for them, you can look up the exchanges such as FCI and Watermark.

Why was my post removed? Because of the link?

It linked to the case Rob was talking about.

Anyway, the gist of my post was that the Texas servicer got fined for reneging on loan mods and then foreclosing on people. If you jumped through hoops to save your house, your loan was transferred to another servicer and then they foreclosed then the first thing you'd do is hire an attorney and fight it.

Reneging on their loan mod and then foreclosing is pretty stupid and is just begging to get sued.

A long *** lecture about a case you know nothing about, filled with assumptions?

Who would have expected it.

Obtaining credit report for the purposes of collecting a debt is considered a permissible purpose under the Fair Credit Reporting Act (FCRA).

Are you sure you actually invest in notes? You regularly make statements that make you look like a pretender.

Lots of mistaken assumptions, with no actual solution provided. No surprise there. Thanks anyway.

I looked at that note. The numbers are good, HOWEVER:

1) The taxes are inaccurate. They don't list city and county, just one of the too (think they owed like $600 additional)

2) I'm not an expert on Memphis but I have a note in a neighborhood close to this one. It's my understanding this is part of the ghetto. It's going to come with ghetto problems. Finding vendors is going to be tougher / more expensive, you're more likely to deal with squatters, vandalism (even with a BPO), etc. Less potential buyers / renters (it takes a special kind of investor to buy in ghettos)

So.. if everything goes right, it's a great low priced note for you to practice on and potentially make $$$. If things go wrong it's going to be a hassle but you should break even. Use this as a learning experience, don't expect this to be a huge win.

PS: My philosophy is if I'm going to spend money on due diligence and legal fees (since this is almost guaranteed to be a FC play) then I'd rather do it on an asset that's worth 40-50k+

Hey guys,

I have a file where the SSN that was provided to us returns an invalid credit report. The note seller is out of business (no surprise). We don't have the original loan docs in the collateral.

Inside the collateral there's an affidavit stating this couple has about a dozen aliases. The loan was originated in ~2005. Could it be a fake SSN?

How would you go about getting their SSNs?

You can read Dave Van Horn's posts, this forum, websites like dsnews.com, look up vendor websites.. you could also attend some of the newbie friendly conferences.

The way it's written it sounds like a subject-to purchase. Yes, it's doable, with the small risk of the bank calling the due on sale clause.

Read up about subject-to, there are a lot of blog posts about it.

In my experience I am not aware of any other methods to confirm if the 1st is current and paying, other than the credit report or the borrower divulging that information. 

Call the 1st's automated system. This works fairly often and is one of the best ways to find hidden gems.

ie homeowner went BK, 1st hasn't reported in 4 yrs and seller is using the credit report numbers.