first note deal?

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Posted by dario on March 07, 2006 at 21:53:35:

Hi John,
I am a beginner in the note industry and just got my first referal through one of my realtor friends. It seems that a lady sold her home for approximately $350K, the buyers went to the bank and got a first mortgage and the seller, this lady, carried back a second mortgage for approximatelly $37K. Well, as it goes, the payor has now missed the last 2 payments and the seller wants out. She contacted me and wants me to buy the note (I am just a broker at the moment of course). I told her that these notes are extremely hard to sell since they are in second position and defaulted payments and that if there was someone who could buy it the discount would be significant. She still wants to sell. I asked if I could talk to the payor to try and restructure the note and terms and she is willing to do that. I am wondering if on a note like this (I realize that in this posting I haven't provided detailed info but I just wanted you to get the jist of the situation) I should just move on or give it a shot. I am new but I have studied your 5 day tape course and feel confident except for the fact that if I did get the payor to change and agree to the terms I would then need a funding source who would also agree on the terms. What if that funding source doesn't like the terms we agreed on. Anyway, this is my dilemma and of course as you'd expect, the first lead I get is a BRICK like this! I would appreciate any advise John. You are the expert and anything you suggest will be greatly appreciated.

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