A portfolio of seasoned residential loans that have been through the loan modification process is being marketed for sale to the highest bidder.
The portfolio of one-to-four family assets includes fixed-rate first mortgages and first-lien home-equity lines of credit. The seller is a bank.
Borrowers on 13 percent of the loans have
been through Chapter 7 Bankruptcy, while 10 percent have been through Chapter 13 Bankruptcy.
The seller is being represented by
Mortgage Industry Advisory Corp.
In all, 70 performing whole loans for $13,668,201 are being auctioned off.
A loan tape will be provided to prospective bidders once a non-disclosure agreement is executed.
Bids are due
by March 18.
Interested parties can contact Brendan Teeley,
MIAC’s vice president whole loan sales, trading, at 212.233.1250 x281 or [email protected].
