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lenarollo · Joined: 18 Nov 2009 Posts: 2 1.40 Dollars($)

The person I sold the property to signed a contract, which they are default on. I would like to sell the contract if possible

lenarollo · Joined: 18 Nov 2009 Posts: 2 1.40 Dollars($)

request info on sale of mortgage contract

smithsussane · Posted: Wed Nov 18, 2009 8:06 pm Post subject:

Hi lenarollo!

Welcome to forums!

Does the mortgage documents have your name on it? If yes, then you will be liable for the mortgage payments. If the present owner of the property had refinanced the mortgage in his/her name, then that person would be liable for the mortgage and not you. So, you won't be able to sell off the mortgage contract to anyone else.

Feel free to ask if you've further queries.

Sussane

gmakerley · Posted: Wed Nov 18, 2009 9:26 pm Post subject:

why would anyone want to purchase a defaulted contract? that'd be plentifully foolish, wouldn't it?

Guest

This is no reflection on Lenarollo or their question.

Perfect example of the national scene, George. Some servicers specialize in default servicing. Some note holders specialize in default note purchase. If you can buy a note for pennies on the dollar it may very well turn out to be extremely profitable, much like any other debt collection.

On the larger game board, "non-performing" notes are sold INTO securitized trusts all the time. My theory is this amounts to large scale insurance fraud among other things. Individual trusts have "note insurance" covering them. When a note goes belly up a claim is put in against the note insurance policy covering the value of the note. In essence, any securitized note that is foreclosed upon is at least double dipped because the note has already been paid by the time the property is foreclosed. Of course, that's just my understanding. I could easily be wrong.

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I hold a mortgage on a piece of property that I sold.