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Defaulted Mortgages – Buying a First Mortgage at 28%

Defaulted Mortgages – Buying a First Mortgage at 28%

August 16, 2008 by notebuyingprofits.com  
Filed under Real-Life Case Studies

On defaulted mortgages:

I sent a $6,152 check to a contractor on a property I own in Hollister, California, and I’m wondering if it was a good investment.

“Why did you buy a property, Dean? I thought you were a Note buyer?”

Yes, I am.

I bought the 1st Deed of Trust on this property 2 months ago – it had a face value of $500,000 when it was originated in 2005, the borrowers never made any payments on it, and I foreclosed on it last month.

And I just listed this house for $260,000.

So … where’s the “bad news” on this defaulted mortgage transaction?

Well … the Hollister market makes me nervous. This isn’t south Florida or Riverside County (the worst areas nationally in terms of price depreciation), but still … it’s California.

In fact, this is my only California investment right now.

What if it doesn’t sell?

What if I’m stuck holding onto it for a while?

Well …

Maybe I can afford to lower the price a little.

After all, I only paid $140,000 for the 1st Deed of Trust.

* * * * * * * * * * * * * * * * * * * * * * * * * *

Would you like to have a view “behind the scenes” on this deal and learn how we juggled three different exit strategies all at the same time (note sale, refinance, foreclosure)?

Are you interested in finding out more about what the homeowner’s situation was?

About what happened to my attempt to refinance the homeowner?

About our $170,000 Note offer from a newbie investor?

And how you can find deals like this yourself, and turn lemons into lemonade? ***

You can find out all of that and more in our Private Access Club for Defaulted Mortgage Buyers.

I’ll walk you through two real-time Note investments, currently in my portfolio.

I’ll answer the top 10 most-asked questions about investing in defaulted mortgages.

And I’ll show you what’s available to members of our *** Private Access Club *** – the first membership site dedicated exclusively to helping defaulted mortgage investors.

Learn how to buy and profit from the mortgage meltdown.

Nothing ventured, nothing gained.

Hope you enjoyed this post on Defaulted Mortgages.

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