Posted by Dr. B. (OH) on October 31, 2009 at 07:14:22:
In Reply to: Can I collect late fees if I've sold the paper? posted by Rich on October 30, 2009 at 12:31:48:
I'm no more a lawyer than Tony.
Think of it this way. When you buy a house or MoHo or with potential, you don't pay the seller for that potential. That potential comes from YOUR efforts and risk that the efforts will bring you more money.
Same with a note. You are selling a non-performing note with potential. You, the seller, didn't make that potential happen so the buyer has the right to take the risk, put in the effort, and get out whatever he can.
Steve