What are the steps in buying a discounted mortgage from a lender? What forms etc are used?

In Buying Property - Asked by Scot K. - Feb 10, 2011
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Answer(s)

Rob B.
Chandler, AZ

Scott.... The buying of the discounted note at a good discount is only the first step. You are going to have a bevy of forms to complete. Among these are likely to be:
1. Assignment of Leases
2. Assignment of Loan Documents
3. Assignment of Deed of Trust (if you are in a deed of trust state)
4. Possible Exercise of Notice
5. Possible of Assignment of Purchase Option
6. Alonge
There will be others. I advise that you have a good attorney to help you review all the documentation. After buying the note you will then likely have to begin or complete the foreclosure process. Good luck Scott.....Rob Baird, CA RE License #544165 (One of the oldest, active licenses in CA) 951 515-5855 Email: rob@capratecommercial.com

Feb 10, 2011
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Justin W.
Broker/Agent
Orlando, FL

Scot,
It is a very complicated and lenghtly process. It is best to have an expereinced agent on your side to negotiate with the Bank rep. My firm, and I have a relationships with many of the major lenders. Give me a call and I will see if I can help.

Feb 10, 2011
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