Can a mortgagee"buy" their own loan from a broke lender for smaller amount than is owed ?
Our mortgage lender have file for liquidation protection. We assume that our mortgage surrounded by the liquidation proceeding will be sold to another lender at a greatly reduced price. Example: We owe $200,000 on our mortgage beside the cleaned out lender. Another lender might buy it for $100,000. Is it possible to "buy" our own loan, from our current lender, while they are within ruin, at a greatly reduced price, basically approaching another lender will eventually do ?? We touch that we necessitate to ask this query if it is possible because if another lender can buy it at a greatly reduced price, why not us, the mortgagee ??
Thank you for adjectives answers to this question
Answers:
Loans are securitized by the millions within a portfolio full of loans exactly resembling yours. Unless you own the money to purchase the entire portfolio, you can't even put contained by an donate.
This is by far the worse view I enjoy see contained by a severely long time.
This is merely close to "Why don't we build our own coup¨¦ instead of buying a Toyota Corolla?" or "Why don't we buy a cow to gain free milk every morning?" or "Why don't we plant a tree in our house to acquire free oranges?"
Hi ,
It is possible that you can buy ur own mortgage at a
reduced price. Its call discounted bills. BUt you will have
to wish the approval of the liquidator and the creditors .
Rgds..
why would you assume at a reduced priced
you lender go out of business due to sub prime loans in their portfolios that be slaughter the profits fringe on the devout performing loans
if you loan is a perfect performing loan
the loan company may or may not take a discount
but you will eventually recompense the full amount as per your imaginative contract
as they unsullied lender will want the premium dollars you loans represent
the others will be sold at auction to receive what they can for them
Short answer? No.
Do you own the currency to do this? If not I dream up you would be outbid :)
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Thank you for adjectives answers to this question
Answers:
Loans are securitized by the millions within a portfolio full of loans exactly resembling yours. Unless you own the money to purchase the entire portfolio, you can't even put contained by an donate.
This is by far the worse view I enjoy see contained by a severely long time.
This is merely close to "Why don't we build our own coup¨¦ instead of buying a Toyota Corolla?" or "Why don't we buy a cow to gain free milk every morning?" or "Why don't we plant a tree in our house to acquire free oranges?"
Hi ,
It is possible that you can buy ur own mortgage at a
reduced price. Its call discounted bills. BUt you will have
to wish the approval of the liquidator and the creditors .
Rgds..
why would you assume at a reduced priced
you lender go out of business due to sub prime loans in their portfolios that be slaughter the profits fringe on the devout performing loans
if you loan is a perfect performing loan
the loan company may or may not take a discount
but you will eventually recompense the full amount as per your imaginative contract
as they unsullied lender will want the premium dollars you loans represent
the others will be sold at auction to receive what they can for them
Short answer? No.
Do you own the currency to do this? If not I dream up you would be outbid :)