Non-performing note buying means purchasing mortgage notes where the borrower has stopped paying, acquiring defaulted debt at a steep discount to its face value.
Log in to followRunning a bid on a first lien and I can't make the math survive the calendar. UPB 180k, last payment 31 months ago, borrower still in the house and not responding to the current s…
Rural note, seller wants $19k, UPB $58,300, no payments since late 2024. Property is 3.1 acres with a 1998 double-wide on it. Tax record shows land and improvement together, asses…
I'm partway through licensing and a small fund that buys defaulted paper asked whether I'd do their exterior valuations in my county. Flat $125 per report, photos, condition notes…
I'm coming into this from a completely different career and I've hit a wall on the licensing side. Everything I read about non-performing notes talks about workouts and foreclosur…
Worth writing down because everything I'd read about this strategy assumes you get to the closing. A seller was breaking up a small tape and I bid on three files out of it. To mov…
I've been getting my license and doing paperwork all year, so this was the one thing I did with actual money in 2026. A guy who buys small pools locally was breaking one up and ha…
I brought numbers and I want to know what's wrong with them. Same file, two models. A $94,000 balance on a small single family in a stable secondary market, as-is value $112,000,…
A seller I've traded emails with for a few months sent me a tape of nine defaulted first liens and said I could cherry-pick one instead of taking the whole pool. I've only ever bo…
A note seller sent me a tape with columns marked NPL and RPL and one row labeled "sub-performing." I thought non-performing just meant the borrower stopped paying. But two loans o…
Bought a first lien in a judicial state in early 2024. Unpaid balance $96,300, note rate 4.875%, payment $711, borrower 14 months down. Single family three bed one bath, drive-by…
I hold land and small long positions and I've been reading here for a while, and the advice splits cleanly enough that I want to see the vote. One camp says do a performing note f…
File I bought at $38k against a $91k balance, single family in a mid-size southeast metro. Borrower signed a modification, payment reset to $645 with taxes and insurance escrowed,…
Two of the resolution paths people list are DPO and short sale and I've read both descriptions three times without the distinction landing. In both cases the borrower ends up payi…
Note bought at $52k, UPB $114k, house came in around $167k as-is on an exterior BPO with photos I trust. Vacant, secured, I've been paying to check on it monthly. Title came back…
I've been circling notes for about a year without buying anything, which is normal for me. A small seller sent me a one-off: balance $71,400, borrower hasn't paid since March 2024…
A seller sent me a one-loan tape. First lien, UPB 88k, borrower 26 months down, asking 31k, BPO 104k. The notes column just says "collateral file incomplete, missing intervening a…
I've been reading tapes for a couple of months and I still can't tell which business I'd be in. Two people described the same $40k purchase on a defaulted first to me in completel…
Paper notes confused me for months, so I bought the smallest thing I could find that still had real collateral behind it. Note balance $27,400, last payment mid 2022, small two be…
Running numbers on a small pool of nine non-performing firsts, average UPB 118k, average as-is value about 141k, all in judicial states. Seller wants 62 percent of UPB. My model a…
Single note carved out of a five-loan tape. UPB $92,400, last payment October 2022, arrears with fees about $26k on top. Ask is $38k. Broker's BPO says $141k as-is, $163k repaired…