Posted by John Behle on April 28, 1999 at 14:12:49:
Yes you may be able to buy it and also get a good discount. Each lender is different. I’ve had them discount as much as 50-75%. It can’t hurt to ask, but lenders generally only discount substantially if they feel they will be taking a loss or do not want the collateral back. They can also be open to the trade of another note/loan that is performing. We also use a payment guarantee program where we effectively buy their own note with 100% seller financing.