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purchasing a note from the bank (1 viewing) (1) Guest
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TOPIC: purchasing a note from the bank
#5690
norton (Moderator)
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purchasing a note from the bank 1 Year, 11 Months ago Karma: 0  
There have been many banks that have gone under and the FDIC has taken over the failed banks. I imagine that the FDIC doesn't want to operate a bank, so it may sell some of the loans to private or commercial buyers. I wanted to know if there was a way to contact the FDIC and ask how one goes about buying back their own loan. If anyone has any suggestions, then i'm all hears!
 
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#5700
Lex (User)
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Re:purchasing a note from the bank 1 Year, 11 Months ago Karma: 0  
If the FDIC owns the bank, then good luck buying the notes, as the FDIC is part of the government and the wheels of government work very slowly. Most banks in need of cash sell notes back to the Maker/payee. Contact your bank and ask to purchase your note back. Be careful of forgiveness of debt tax issues.
 
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Sumo (User)
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Re:purchasing a note from the bank 1 Year, 11 Months ago Karma: 5  
Banks will only consider selling notes without proper security and notes for businesses or investment outside of its scope of interest. FOr example, if a bank lends primarily to shopping centers but they also make a few loans for gas stations, the bank may want to get out of the gas station loan business and sell those loans. I know that Fifth Third sold their gas station mortgages, and retained just about all other notes.
 
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