Posted by Dave T on January 26, 2001 at 22:14:32:
The last time I looked, The Money Store had ceased operations in August 2000. First Union Bank took over servicing of any Money Store loans that had not been sold in the secondary market.
The word on the street also says that First Union Bank is ceasing residential mortgage operations to become more attractive to a takeover suitor.
If First Union still holds the (old Money Store) paper, either they will be very motivated to sell a non-performing note, or, they are so busy with other operational issues that this note may have already been written off.
During their active operations, The Money Store originated a lot of FHA Title I loans. If the 2nd mortgage for this property happens to be a Title I loan, then First Union can always submit an FHA insurance claim after default. There may be no motivation to discount this type of mortgage note.
You have nothing to lose by offering to buy the note at your price.