igor555
November 21, 2018, 5:44pm
#1
https://www.wsj.com/articles/a-decade-after-the-housing-crisis-small-investors-try-to-bring-busted-mortgages-back-to-life-1542734455
The trade goes like this: Buy mortgages available for very low prices because no one has made a payment on them for months or even years—nonperforming loans, they are called. Track down borrowers and let them know they have a new creditor. Tell them they need to resume payments, at least at a partial level, perhaps offering to modify terms. Threaten foreclosure if necessary. If all goes well, collect on the debt or resell the mortgage as a now “reperforming” loan.
The process marks a new chapter for hundreds of thousands of crisis-era borrowers who often had heard nothing about their unpaid loans for years and thought the debt had been disposed of.
Some of these stories are sort of heartwarming; the borrowers are able to get closure and get rid of their loans at a discount. Most of them are … not heartwarming.
Part of the agenda at the June conference where Mr. Paulus spoke was a session on tips to keep payments from homeowners coming. Speaker Terry Vaughan suggested bringing in repossession professionals to scare them. “If you do it right, it’s not illegal,” he told shocked attendees.
such a great idea. get rid of all the scum of society. threaten them and try to resell the loan as re-performing.
capitalism is great!
rawraw
November 21, 2018, 9:45pm
#2
This kind of stuff is common with the tax liens in some states. Met a guy at Berkshire who has been doing it since the crisis and has continued to make something like 15 percent returns
Malee
November 23, 2018, 6:56am
#3
Straight outta the Sopranos.