What do you do with non-performing assets after purchase?
The first rule is to work with the homeowner to design a payment plan and loan terms that work for their financial situation. The key is to engage the homeowner, build their trust and keep their best interest at heart. We have found that many times there are short term circumstances such as a health issue, job loss or divorce that are preventing them from making full payments on their mortgage loan. By purchasing their notes from the bank at such deep discounts, we are able to create a “win-win” scenario until they get back on their feet. Other strategies are payment plan reinstatements, reinstatement with discounts, refinancing, seller assistance, deed-in-lieu of foreclosure and foreclosure as a last resort.