How do I get more information on becoming a defaulted paper finder?

Q) I'm interested in becoming a finder for investors who are interested in delinquent mortgage notes or defaulted paper held by individuals for a fee. I have no experience in this but I have done other finder services for real estate investors. I will need training information and contacts to get started. I am looking for an inexpensive way to get into this business and to market services. Thanks for any assistance.

A) Little knowledge I have but visit http://net-new.blogspot.com search

Is there any way of recieving a "finders fee" or compensation for mortgage fraud tips?

Q) I've come across a heafty amount of information regarding mortgage fraud. I don't want to throw anyone under the bus, but, there are a few jerks that I wouldn't mind being compensated for extending their fraudulent practices over to the right people.

A) Crime Stoppers

Does anyone have information on becoming a default note finder for real estate investors?

Q) I would like to find default mortgage notes held by individuals to sell to investors for a finders fee. I have no experience with this. However, I have provided other finder and referral services for real estate investors. I would need an inexpensive way to get additional information and training to do this. Any assistance would greatly be appreciated.

A) You'll need to find the public notices of default. You will have to do a little research to find out where this information is published, it's different for each county. But when the mortgage note is going into foreclosure, there should be a public notice on it. Once you have a list of foreclosures, you can look up the rest of the info you need at the county courthouse. Lender address, original loan amount, etc. Then you can either mail out to these people, or call them. Good luck to you.

Hi all, I am currently a loan officer with a mortgage bank in NYC.?

Q) However, as things have changed the current market forces 1 to seek alternative ways of income. I happened to come across a group of investors who negotiate short sales N buy these properties in distress. They offer a 2% finder's fee of the settlement price reached through negotiations with the bank on deals up to $500,000 N the percentage changes if the deals are larger. I would like any advice available on a scenario that follows as such: I am cold calling my mortgage leads, N I come across a client in NY who's 4 months behind on her mortgage N facing foreclosure. So I get all the client's information gather his/her documents N take the client to these investors who have the liquid cash N whom would negotiate with the bank for the short sale. Upon reaching a settlement price of lets say $500,000 I receive a check for $10,000. Now remember I am not a licensed real estate agent. Is this legal in any way?Is there anything I can do to make it an acceptable practice?

A) Not legal, since you are receiving commission from real estate and you are not a licensed realtor. Check your RESPA guidelines You can get into some legal issues if a borrower feels they were taken advantage of and they come back on you.