Buying notes in default / foreclosure?

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Posted by Angela Larson on March 09, 2003 at 12:09:05:

I am new to all this and I'm just wondering if anyone has had any experience / success taking notes that are currently in the foreclosure process (before / after Sheriff's sale - which?) and buying them from the lenders to complete the foreclosure. Is this a difficult process? Does it affect the forecloure if the mortgage is assigned? How successful is this strategy for obtaining below-market properties? Are the lenders receptive to dumping the note if it's in default, or do they want to do the foreclosure themselves? It seems to me like this would be a win-win - if they will discount the note, even a little, worst-case scenario you get your money back and then some if the owner redeems; best case scenario you get the property.

Any feedback, or am I way off base as a newbie?

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