We purchase mortgage or deed of trust, depending on what’s common in that particular state. These are promissory notes that are secured by real estate. They can be residential, commercial or land. In some cases we will even buy a mobile home note.
We only purchase performing notes.
A performing note is a note and mortgage that’s paying—that’s pretty obvious. But if a loan goes nonperforming, then it’s not considered a performing loan again until it’s been paying on time again for 12 consecutive months. Up until that time, it’s considered a re-performing loan.
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