Building on its continued success in the non-performing default loan market, The Note House announces the purchase of multiple defaulted loans in Florida and REO Properties for sale.
Director of Client Services Robert Castro explained that the firm recently bought a distressed loan from a regional Florida bank with an unpaid principle balance of $237,000 that closed on June 30, 2012. The property consisted of six condominium units located in St. Petersburg, Florida.
“The Note Houses loss mitigation team was able to quickly accomplish a favorable deal with the property owner and achieve a win-win solution,” said Castro. The property is currently in escrow with an anticipated closing date of August 17, 2012. The transaction transpired 47 days after the note was purchased at which point a mutually beneficial deal was reached with the owner and the property was resold.