Scudder Bay Purchases Non-Performing Mortgages
In order to work through the backlog of distressed assets in New England, Scudder Bay purchases non-performing mortgage loans from current holders looking for immediate liquidity. While our focus is working with New England community banks, we also establish relationships with hedge funds and other asset managers who have acquired mortgage loans in the secondary market. We have a strong knowledge of the New England market, and our ability and willingness to meet homeowners face-to-face has enabled us to quickly reach workable resolutions that are mutually beneficial. The borrowers we work with are provided with counseling and financial assistance, in exchange for the borrowers' cooperation in the lead-up to selling or refinancing the mortgaged asset.
Scudder Bay Acts as Your Institutionís Workout Department
When a note holder prefers to keep a distressed loan on its accounting ledger, Scudder Bay will act as an outsourced workout department with a joint objective of maximizing recovery and minimizing public relations issues.
When reviewing notes for acquisition, we evaluate:
• The Property - We make sure to fully understand the underlying collateral and the market in which it is located. We are looking for properties that, if acquired, can be sold without significant repairs. By staying close to home, we bring local market knowledge to the process, which gives us an advantage over larger national firms.
• The Borrower - We look for deserving borrowers who find themselves in a difficult situation due to circumstances beyond their control.
• Loan Documents - We are rigorous in reviewing loan documents and public records for enforceability and clean title.
• Loan Characteristics - We have typically purchased loans that are severely non-performing and "underwater."
Please contact us at 339-219-0300 if we can help you liquidate or monetize your non-performing mortgage loans.