Why Would You Want A Bad Note? DEADLINE THIS SUN.
Published: Tue, 09/10/13
Sept. 10, 2013
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Deadline to save $130 for "Profits In Non-Performing Notes"
is THIS SUN.!
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Hi ,
Who in their right mind would buy a bad mortgage note? I mean a
REALLY bad one. Suppose someone offered you a note and said,
"no payments have been made for a long time, so it's in serious
default. What's more, it's a second mortgage, and the balance
on it ($30,000) and the first mortgage is much more than the house
is worth today. Even if you did foreclose you'd have to pay off
the first (or, at best, take it over), so you'd be buying the house
for way more than it is worth."
How much would you pay for this second mortgage?
Most people would say "zero" -- that is, once they stopped
laughing.
Most people except Gordon Moss. He loves notes like this.
Here's what Gordon would do with that "worthless" second mortgage:
He'd negotiate with the owner of the second and pay 10 cents,
at most maybe 20 cents, on the dollar. So he'd buy it for $3,000 -
$6,000. That's $3,000 to $6,000 more than the owner of the
second has been getting or will likely ever get.
Gordon then goes to the defaulted homeowner.
Here's the story on him: he lost his job, like a lot of people
who have been slammed in this economy. He doesn't want to lose
his house, so he has been able to find a couple of part-time jobs,
but he could no longer afford to pay on both the first and second
mortgages. He knew if he stopped paying on the first that the bank
would foreclose, so he kept up those payments but couldn't afford
the payments in the second mortgage. (Lots of people do this.)
In the meantime, the value of the house has dropped below the
mortgage balance -- it's underwater. The owner of the second
doesn't want to foreclose, because at "best" he'd have to take
over the first -- more likely, he'd have to pay it off, so
he's stuck with a worthless mortgage.
Gordon sees the homeowner is not a deadbeat (he was pretty sure
of that before he bought the note since he has some legal "under the
radar" methods of checking out the debtor before he buys the note).
He's just one of millions who got caught in a bad economy.
The last thing he wants is to lose his family's home. So Gordon
works out a payment plan the guy can afford, say $375 a month, and
modifies the note.
After all, there's a lot of room for Gordon to lower the payment
since he's only into the note for a fraction of the balance.
Let's say Gordon bought the note at the top price he would pay,
20 cents on the dollar, $6,000. What's the annualized yield on his
investment?
75%.
If he bought the note for $3,000, his yield is 150%.
Still think that's a worthless mortgage?
The beauty of this is that it is so under the radar, so
few people know how to do it...and there is a GLUT of
defaulted seconds out there just waiting for you.
A $6 billion glut, as a matter of fact. $6 billion worth of
non-performing second mortgages behind performing firsts.
How do you learn exactly how to do this -- where to find them,
recognize the good from the bad, negotiate with the mortgage
owners, figure out how to best modify the mortgage, your exit
strategies, etc., etc.?
There's only one place, and it's Las Vegas Friday and Saturday
Sept. 27-28. Gordon will be teaching "Profits In Non-Performing
Notes: Turning NPNs Into Cash Cows." He'll be joined by
Jack Krupey, an expert in buying and brokering FIRST lien
NPNs.
And Gordon and Jack will be happy to sit down with you
personally to answer your questions and advise you on your
particular situation.
The ability to get to rub elbows with the real movers and
shakers that actually DO THIS is incredible.
(Don't worry -- you don't have to know anything about the
subject. Gordon and Jack will start with the basics, even give you
a glossary of terms.)
Their goal is to equip you so that you can confidently begin
investing in and/or brokering non-performing notes immediately.
Watch the videos, listen to the teleseminars, get more information
and register at http://www.snipurl.com/npnseminar or call
1-800-542-2270.
But hurry -- the special discount price of $469 goes to $599
at midnight this Sun., Sept. 15.
And we've just negotiated an extension on our discounted room
rates until this Thurs., Sept. 12.
Join Gordon, Jack, and a couple hundred of your colleagues for
training and networking that just may be the financial turning
point of your life!
Cheers,
Bill
W. J. Mencarow, President
The Paper Source, Inc.
P.S. The final seminar discount disappears forever
at midnight THIS Sunday, Sept. 15. Better grab it now before
the price goes up!
http://snipurl.com/npnseminar