Loan Sales

Midwest First Financial, Inc. does not currently have any loans for sale. However, we have multiple REO properties for sale. Call our office at (402) 330-2274 for details.


The Process...

Unless otherwise stated, all loan(s) are sold with no representations and no warranties, express or implied. Midwest will forward a spreadsheet of all loan(s) for sale, which will include the following information:

  • Property Type
  • Property Address
  • Lien Priority
  • Unpaid Principal Balance
  • Monthly P & I Payment
  • Next Payment Due Date
  • Interest Rate
  • Next Rate Change (if applicable)
  • Index and Margin (if applicable)
  • Maturity Date
  • Original and Remaining Term
  • Appraisal/Broker Price Opinion
  • Loan-To-Value Percentage
  1. Potential buyer will review the loan(s) spreadsheet and place an indicative bid on the loan(s), subject to due diligence.
  2. Buyer to submit a written Letter Agreement to Midwest offering to purchase the loan(s) at a specified bid price. The Letter Agreement shall include a date when the closing shall occur, normally within 15 days after execution of the Letter Agreement.
  3. Buyer’s obligation to consummate the transaction shall be subject to, and conditioned upon, the following, any of which may be waived by Buyer in its sole and absolute discretion:
    1. Buyer’s completion and approval of a due diligence review of all matters relating to the loan(s), including the actual loan files.
    2. The execution by Buyer and Seller of a comprehensive Mortgage Loan Sale Agreement incorporating the terms of the Letter Agreement and such other terms as may be reasonably acceptable to Buyer and Seller.
    3. Buyer has the right to reject and/or re-price any Loans whose characteristics deviate materially from the information that has been provided to Buyer. Seller may reject entire sale if it does not agree with rejected or re-priced loans.
  4. On the closing date, in a substantially contemporaneous closing, Purchaser shall pay to Seller the Purchase price, via wire transfer of immediately available funds, and the Seller shall sell, assign, convey, transfer and deliver to Purchaser, with respect to the purchase of the Mortgage Loan sold, the following documents, subject to the approval of Purchaser and its legal counsel as to proper form and execution: (i) the Mortgage Note, or original Lost Note affidavit acceptable to Purchaser, including all assignments and modifications thereto, properly endorsed by Seller in accordance with applicable laws and regulations; (ii) the Mortgage, including all assignments and modifications thereto, or certified copy acceptable to Purchaser, accompanied by those documents and instruments necessary to record and perfect ownership thereof in Purchaser, including separate assignments of rents, if any; (iii) the Files; and (iv) otherwise take all steps necessary to transfer and warrant absolute title and ownership of the Mortgage Loan to Purchaser. Upon confirmation that the Purchase Price has been received by Seller’s designated financial institution, the Files shall be mailed overnight directly to Purchaser or its designee, for next day delivery at Purchaser’s cost, direction and liability.

Are you interested in purchasing REO properties from Midwest First Financial, Inc.? If so, send us an E-mail at MFFI@mffi.com or contact us directly using the information below so that we may send you a confidentiality agreement.

Home About Midwest Acquisitions Real Estate Opportunities


Midwest First Financial, Inc.   11904 Arbor Street, Suite 200   Omaha, NE 68144

Bill Preston or Mike Preston (402) 330-2274 Fax (402) 330-6416


Contact Midwest First Financial: Mffi@mffi.com
Webmaster:
mpreston@mffi.com

Send mail to mpreston@mffi.com with questions or comments about this web site.
Last modified: February 16, 2009