In the note business, the primary intent is to let the borrowers keep their home and happy about their choices. When you’re a nonperforming first note holder, you are first in line, you have a lot of flexibility going there, and you have a lot of options that you could provide the borrower to ensure that they can keep their home. Patty Ped of Aider Financials shares it’s more challenging to provide the help that they want to in a second mortgage rather than the first, and so the first is a better option for them. With nonperforming seconds, with the ROI being more, the risk is also more. Join Patty Ped and Bill Griesmer as they discuss the differences between the second space and the first space, the way you deal with things, your due diligence, your focus, the amount of time and work you would spend on the borrower and the note itself, the servicing, managing it, the entire thing.
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