Originally posted by John Andre:
I thought this was a great story, and shows how the right people, Attorney, can give you a good ending in this messed up banking world.
The home owner was behind and close to loosing their house. Hired my attorney to try to do a loan mod. The bank was not being very cooperative in the process. The attorney changed gears and started negotiating for the non performing note on the house. Was successful in buying the note at penny's on the dollar and worked out cheaper than a loan mod, or, the going short sales price in the area. That is the first time I heard of a home owner buying their own non performing note. Turning lemons into lemon aid!
Of course I must add, this was performed but professionals, do not try this at home or you might cause great home ownership harm. And proves how scr@#$ up the system is right now.
i have OFTEN wondered if it was possible to buy your own note at a discount. I have NO idea how to even a buy a note...can you buy your own note if you are paying on time? would it be discounted?
