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At Plainview auction $985G debt sells for $35G
Quick ReadThe buying and selling of individual mortgage notes is quickly becoming the hottest, "secret" investment for small investors in the know, but there are serious risks.
Photo credit: Kevin P. Coughlin | Auctioneer Rich Maltz of Maltz Auctions, right, and assistant auction coordinator David Constantino conduct land and property auctions of foreclosed properties Wednesday at the Sheraton Four Points Hotel in Plainview (June 23, 2010)
Want to bid on a delinquent loan? Wednesday, $35,000 did the trick.
That's what happened in a rather unusual Plainview auction. A $985,000 debt in Lawrence, and another one in Brooklyn -- not the properties themselves -- were among the usual foreclosures and bankruptcy assets on the block.
"It was a private lender who needed to clean up their books, and this was the most efficient way...
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