29d (edited) • Case Studies 📑
Just Purchased Two Reperforming 2nd Mortgages
I just purchased two reperforming 2nd mortgages at a 12% yield in my Self Directed IRA, so I figured I would share the numbers with the group.
Waterville, OH Note (Single Family Home):
- Collateral Property FMV: $230k
- 1st Mortgage Balance: $151k (Current)
- 2nd Mortgage Purchase Price: $17,935.85
- 2nd Mortgage Loan Balance: $23,794.13
- Borrower Payments Made: 153 - (Loan Mod was 245 Monthly Payments)
- Borrower Payments Purchased: 92
- Monthly Loan Payment: $309.63
- Current Interest Rate: 5.0%
Albuquerque, NM Note (Single Family Home):
Collateral Property FMV: $270k
- 1st Mortgage Balance: $130k (Current)
- 2nd Mortgage Purchase Price: $34,027.56
- 2nd Mortgage Loan Balance: $55,227.45
- Borrower Payments Made: 22 - (Loan Mod was 161 Monthly Payments)
- Borrower Payments Purchased: 139
- Monthly Loan Payment: $478.84
- Current Interest Rate: 5.5%
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Just Purchased Two Reperforming 2nd Mortgages
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