Two defaulted notes for $23k. Who actually calls the borrower?

Start with what a second means when the first is also behind. Have you 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 your lien can get wiped. That's the whole deal, before servicers or licensing.

trellis has it. Sequence is senior lien balance, then property value, then taxes, then anything you can recover. $23k for $75k of face looks like a 31 percent basis. It isn't a basis at all until you know how much debt sits in front of you.

On your 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 people in this room 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 you commit, 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, I'd ask him straight what he paid and why he's out. Not because he owes you an answer, but the answer is informative either way.

I'm the wrong person to advise anyone here, I've been reading about notes for months and still get lost, but I did learn one thing that stuck. On seconds you're buying the right to be paid after somebody else, and the person in front of you doesn't care about your plans. Two notes at once for your first ever also means two sets of problems learning at the same time. Could you buy one?