Who actually contacts the borrower after a non performing second is bought

Start with what a second means when the first is also behind. Has anyone pulled anything on the senior liens? A defaulted second on a house with a defaulted first and no equity above the first is often worth close to nothing, because if the senior forecloses the junior lien can get wiped. That is the whole deal, before servicers or licensing enter the picture.

Trellis has it. Sequence is senior lien balance, then property value, then taxes, then anything recoverable after that. $23k for $75k of face looks like a 31 percent basis. It isn't a basis at all until the amount of debt sitting in front of it is known. On the actual question: collecting on a defaulted consumer mortgage is regulated activity, and who can call the borrower and what they can say varies by state and by federal rule. That's a licensed-professional question, and most operators in this position hire a licensed special servicer rather than dial the phone themselves. Expect a setup fee per loan plus a monthly minimum, and expect some servicers to decline small unsecured-in-practice seconds because the economics don't work for them. Get quotes before committing, in writing.

I'm reading this room twice like everything else, so ignore me if this is obvious, but the two-week deadline bothers me. Why two weeks? If these have been non-performing since 2023, nothing changes in two weeks except your ability to check things.

Juniper, deadlines on paper sales are usually real in the sense that the seller has ten other buyers, and fake in the sense that the loans come back around. Tender, ask him straight what he paid and why he is out. He does not owe you an answer, and the answer is informative either way.

One thing to hold onto with seconds. You are buying the right to be paid after somebody else, and the party in front of you has no interest in your plans. Two notes at once as a first purchase also means two sets of problems arriving at the same time, each teaching a different lesson. Is buying one of them on the table?