Total Unpaid Balance of Loans $65,088,163
Total Dollar Amount of Bids $233,990,145
LoanMarket.net - California's Largest Marketplace for Whole Loans
Bidding on loans in default
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Published on 2010-06-24
BY ELLEN YAN
ellen.yan@newsday.com
At Plainview auction $985G debt sells for $35G [Newsday, Melville, N.Y.]
June 24--Want to bid on a delinquent loan? Wednesday, $35,000 did the trick.
That's what happened in a rather unusual Plainview auction. A $985,000 debt in Lawrence, and another one in Brooklyn -- not the properties themselves -- were among the usual foreclosures and bankruptcy assets on the block.
"It was a private lender who needed to clean up their books, and this was the most efficient way to do it," said auctioneer Rich Maltz of the family's Maltz Auctions in Plainview.
A few bids back and forth and contractor John Haran of Long Beach found...
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Homeowners take ‘cash for keys’ to escape debt
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Published on 2010-03-12
Homeowners take ‘cash for keys’ to escape debt
Borrower loses house, but gets fresh start without black mark on credit
ANALYSIS
By Al Yoon
NEW YORK - Jon Daurio, chief executive officer of mortgage investor Kondaur Capital Corp., recently offered a $4,000 check to Barry Culver for the deed to his Bryan, Ohio, house.
With the exchange, and a pay-off to a second-lien holder, Culver was freed of $120,000 in crushing mortgage debt on the house, said Daurio, who had bought the right to cut the deal when he purchased the mortgage months earlier. The house, after repairs, is now on the market for $47,500.
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NYT: Auctions for Troubled Property Loans Jump to the Web
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Published on 2009-04-24
By JOHN COLLINS RUDOLF
It is not a game for novices or for anyone lacking courage. But for investors with the right expertise and a serious appetite for risk, the credit crisis is shaping up as a once-in-a-lifetime chance to buy troubled real estate assets on the cheap.
A brisk trade in some of these assets is already under way, with investors buying and selling billions of dollars in distressed bank loans backed by collateral like homes, land and commercial properties. Many of these problem loans trade on eBay-like auction Web sites, which have grown rapidly over the last year.
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Dow Jones: New Trading Platform For Mortgage Securities To Launch May 1
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Published on 2009-04-21
New Trading Platform For Mortgage Securities To Launch May 1
By Kate Haywood
Of DOW JONES NEWSWIRES
21 April 2009
NEW YORK (Dow Jones)--A new trading platform for mortgage securities that have been gumming up banks' balance sheets is set to go nationwide next month.
California-based LoanMarket.NET plans launch an online marketplace for buying and selling real estate-secured note investments on May 1, according Jeff Freud, the firm's founder and president. LoanMarket.NET launched the trading platform in California earlier this month. The aim is to bring some liquidity, and pricing transparency to this traditionally opaque market ahead of government's proposed plan to help private investors buy these loans and securities from banks.
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FEATURED LISTINGS
State: North Carolina
Listing Price: $0
Lien Position: 1st
LTV: 49.41%
Note Rate: 8.08%
State: Maryland
Listing Price: $0
Lien Position: 1st
LTV: 0%
Note Rate: 7.1%
State: California
Listing Price: $0
Lien Position: 1st
LTV: 0%
Note Rate: 7%