– Buy Defaulting Note , Then Foreclose
SO MANY WAYS TO BUY ( PART 2 ) BRUCE KELLOGG
So Many Ways to Buy ( Part 2 )
By Bruce Kellogg
# 11
– Buy Defaulting Note , Then Foreclose
This method involves buying notes or mortgages that are in default at a substantial discount , then foreclosing to acquire the property . Notes can be purchased through advertising on Craigslist , newspaper ads , direct mail to purchased lists , or websites dealing with note transactions . Searching on the internet will provide organizations with courses on notes . This method can be highly profitable , but is quite sophisticated . Additionally , foreclosing on a note usually does not afford the opportunity to conduct inspections , and a title search is essential . Some states provide a “ right of redemption ” for the foreclosed borrower to recover ownership , adding further complexity and risk .