Non-Performing Note for Sale in Syracuse NY

OVER 60% DISCOUNT - $500,000+ Current Value - Offered at ~$199,000 - Syracuse, NY

I am offering a non performing, fourth position mortgage note secured by real property in Syracuse, New York, currently in active judicial foreclosure in New York Supreme Court, Onondaga County. Due to contractual default interest of 18% annually (1.5% per month), the total amount due exceeded $493,000 as of October 17, 2025 and continues to increase monthly. As of December 14, the note is worth over $500,000. The note is being offered at approximately $199,000, representing an over 60% discount to current value.

NOTE SNAPSHOT:
• Original Principal: $400,000
• Current Value (with default interest): $500,000+
• Purchase Price: ~$199,000
• Discount: 60%+ to current value
• Status: Non-Performing
• Lien Position: 4th Position Mortgage
• Collateral: 514 E Willow St, Syracuse, NY 13203
• Jurisdiction: New York (Judicial Foreclosure)
• Foreclosure Status: Filed and pending

PROPERTY & CAPITAL STACK OVERVIEW:
• Total Debt on Property: ~$2,200,000
• Estimated ARV: $3,300,000+
• Implied Equity Cushion: ~$1,100,000+ above total debt This provides meaningful structural support beneath the note and enhances payoff and settlement leverage.

NOTE TERMS:
• Origination Date: July 12, 2024
• Maturity / Balloon Date: July 11, 2025 (already matured)
• Original Interest Rate: 4.5% per annum
• Default Interest Rate: 18% per annum (1.5% per month)
• Acceleration: Automatic upon maturity under RPAPL & UCC

AMOUNT DUE (KEY NUMBERS):
• Principal: $400,000
• Accrued Default Interest (as of 10/17): ~$93,000
• Late Charges: ~$2,750
• Total as of 10/17: ~$493,000
• Current Value (Dec 14): Over $500,000 and increasing monthly
• Interest Continues: 18% annually until paid in full

LEGAL STATUS & VALUE-ADD:
• Mortgage duly recorded in Onondaga County
• Seller is the sole holder and assignee of the Note and Mortgage
• Judicial foreclosure complaint already drafted and filed (in rem proceeding)
• Buyer may step directly into the existing foreclosure posture, leveraging completed legal groundwork
• The existing in-rem framework is structured to pursue collection of the full indebtedness exceeding $500,000, subject to court process
• Plaintiff rights include advancing taxes, insurance, and protective costs, all secured by the mortgage

INVESTOR EXIT STRATEGIES:
• Continue foreclosure utilizing existing in-rem proceeding
• Full payoff or negotiated settlement
• Reinstatement at default rate
• Assignment resale later in foreclosure lifecycle

WHY THIS DEAL STANDS OUT:
Over 60% discount to current value
18% default interest accruing monthly
Balloon already matured - full acceleration triggered
Foreclosure legal groundwork already completed
$1.1M+ equity cushion above total debt Clear paper trail and recorded security

Serious note buyers only. Foreclosure complaint, note, and mortgage available upon request.