In the USMR Cherry-Pick NPL Loan Sale, when I see a 2nd NPL, but the 1st is listed as zero what does that mean.? 1. Is it that the 1st is paid, but the lien is not released? 2. Or is the information just missing or not available? 3. And they, does it possibly mean that this 2nd is actually now 1st?

In some of the notes listed I’m seeing a large difference between the “Current UPB” and the “Charge-Off Balance”. I’m curious why that would be, and which dollar amount would I actually be buying?

In the USMR Cherry-Pick NPL Loan Sale, where does the FMV number come from? Is that from the seller, or fix- notes? I’m just curious about the source do I know how seriously to consider that estimate.

The reason we're all here is because we think mortgage notes are the best way to invest in real estate. Yesterday reinforced this belief for me. Let me set the scene: I'm in an ultrasound appointment with my wife (baby #3 coming in April!) and I get a frantic text from Amber, the tenant living in the 2nd floor apartment of my mixed-use building in a town about an hour away. I had missed her text at 6:43am: "Rob - sorry to bother at this hour... Woke up with an incredible headache and the carbon monoxide alarm going off. I have opened windows to air it out but that is speeding up the no heat. Can you get someone out here today?" Her follow up text sent me into a panic. And after calls to the furnace repair company (that had cleared screwed something up when they tuned up the machine last month) & the utility company to turn off the gas I called my tenant back with the instructions: "evacuate the building" But when the phone went straight to voicemail, text messages left unread - my blood went as cold as the icy wind coming through the windows in her unheated apartment... I feared the worst: she was passed out from carbon monoxide poisoning, unable to escape the apartment. I dialed 911 and an ambulance, fire truck and police were shortly outside the apartment. Tried to call her again, RELIEF - she picks up & is on the way out of the apartment. The firefighters get inside the basement of the building and find the furnace spitting out flames into the surrounding area - lighting cobwebs and anything they touch on fire. "You got really lucky..." was all the fire chief could say over the phone while he caught his breath. The furnace is toast but everyone survived. And my tenant sent me a text memorializing the close call: "The FD said the heater is “a mess and probably should be replaced as the issue has to have been building for a while as the reading in the basement was at 70 ppm and 50 will kill you!” It’s down to 17 in the apt now and had been cleared for me to go back in."

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