Buy note from a REIT?

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Posted by John on May 05, 2004 at 17:16:19:

I would like to buy a certain defaulted trust deed.

The trustees sale was halted by the owners declaring BK a year ago. Now they have defaulted on their payments again, and the lender was granted a lift of stay yesterday.

I want to make an offer to buy the note, as a back-door to owning the house. In trying to find who to make my offer to, I found the beneficiary is JP Morgan Chase Bank, as trustee for the "GSRPM Mortgage Loan Trust". This is actually a REMIC (Real Estate Mortgage Investment Conduit).

So I guess my question is, do I make my offer to the "trustee" of the GSRPM Trust? I found his contact information in New York.

Does anyone know if these investment trusts will sell defaulted paper? Is it too late to get a decent discount if the trustees sale is just a few weeks away?

Original note: $177K circa 2002
Value of house: approx $210,000 after paying for carpet/paint/ minor repairs.
Back taxes owed to state: $6000

I want to offer a very low number, but how low is too low?

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