The Paper Trail

Chris Seveney
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  • ENTREPRENEURSHIP
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Welcome to The Paper Trail, where we follow the journey—my journey—through the world of mortgage note investing. I'm Chris Seveney, and after years of buying, managing, and selling notes with 7e Investments, I'm here to share the real stories behind the deals—what went right, what went wrong, and what I wish I knew earlier. From non-performing loans to seller financing to private lending, this show is about more than strategies—it’s about learning to follow the paper trail and doing the due diligence that separates the pros from the rest. Let's hit the trail.

  1. 354 | We Are Entering The Uncomfortable Cycle Of Mortgage Note Investing

    5D AGO

    354 | We Are Entering The Uncomfortable Cycle Of Mortgage Note Investing

    The easy part of a credit cycle is when rising home prices hide mistakes. That phase appears to be ending. In this episode of the Paper Trail podcast, Chris Seveney, CEO of 7e Investments, shares a grounded view of where the mortgage note market sits today and how his firm is adjusting its strategy for 2026. Drawing on direct asset management experience across performing and non-performing loans, Chris explains why today’s environment demands tighter underwriting, deeper operational oversight, and more disciplined execution. While housing stress is not yet broad across the market, it is becoming more concentrated and visible. Liquidity remains available, but it is increasingly selective. Lenders are tightening guidelines, appraisal scrutiny is rising, and the margin for underwriting mistakes is shrinking. For note investors, this shift matters. In prior years, rapid home price appreciation often covered operational errors. Today, asset performance depends far more on borrower behavior, collateral quality, and execution during workouts. Chris also discusses how borrower options are changing. With refinancing pathways narrowing and affordability pressures rising, some borrowers are turning to bankruptcy filings earlier in the process, reducing the number of quick resolutions that investors have become accustomed to. That shift places greater emphasis on hands-on asset management and flexible resolution strategies. A key theme throughout the discussion is time risk. In judicial foreclosure states especially, delays can compound legal costs, extend timelines, and significantly alter expected outcomes. Chris explains why relying solely on foreclosure as a strategy can expose investors to unnecessary risk and why maintaining multiple resolution paths is critical. The conversation closes with a look inside how 7e is adapting operationally, including tighter collateral controls, stronger vendor oversight, and underwriting models that reflect real historical timelines rather than optimistic projections. For investors navigating the current credit environment, the message is straightforward: opportunity still exists, but success increasingly depends on discipline, patience, and operational execution. Topics Covered 00:00 – Welcome and episode introduction 01:34 – Where we are in the mortgage and housing cycle 02:12 – Market stress, liquidity conditions, and lending standards 03:35 – Changes in borrower behavior and workout dynamics 04:52 – Why hands-on asset management matters more now 05:47 – Pricing discipline and evaluating new deals 07:21 – Time as the biggest risk variable in note investing 10:25 – Common mistakes investors make during this phase of the cycle 13:01 – How 7e is adjusting its 2026 strategy 13:51 – Fraud risk, collateral control, and documentation verification 16:05 – What investors should reevaluate in today’s market 18:00 – Why discipline and process matter most 19:21 – Final thoughts and closing

    21 min
  2. 353 | How Cost of Homeownership May Lead To An Increase in Non Performing Mortgages

    FEB 25

    353 | How Cost of Homeownership May Lead To An Increase in Non Performing Mortgages

    In this episode of the Paper Trail podcast, Chris Seveney, CEO of 7e Investments, breaks down a long-term historical comparison of renting versus owning from 1970 through 2026 and explains why today’s cost imbalance matters for mortgage note investors. Rather than focusing on headlines, Chris walks through decades of data to show how housing costs and rent tend to revert toward historical norms after periods of distortion. The core message is simple: real estate moves in cycles, and disciplined investors position themselves accordingly. 00:00 Buying vs Renting 00:50 Reading the Rent vs Own Chart 01:43 1980s Interest Rate Shock 03:50 Rents Rise and 1998 Crossover 05:09 2000s Bubble and Crash 06:43 Inventory Problem Not Homes 08:28 2012 Recovery to Pre Covid Balance 09:46 Covid Era Price Surge 11:39 Why Buying Makes No Sense Now 14:04 What It Means for Note Investors 16:47 Case Study Smokies Reality Check 19:27 Crystal Ball and Final Caution 20:44 Wrap Up

    22 min
  3. 352 | How Political Policy May Reshape Mortgage Note Investing

    FEB 18

    352 | How Political Policy May Reshape Mortgage Note Investing

    In this episode of the Paper Trail podcast, Chris breaks down three major political and policy developments being discussed right now and what they could really mean for homeowners, investors, and the non-performing mortgage note space. No political spin, just practical analysis. 00:00 — Intro About Chris & 7E Investments01:30 — Topic #1: Credit Card Interest Rate Caps07:00 — Topic #2: Executive Order on Housing & HUD Loan Sales11:00 — Topic #3: Privatizing Fannie Mae & Freddie Mac15:30 — Early loan defaults & what they reveal about current lending18:30 — Recap & key takeaways

    21 min
  4. 351 | The Foreclosure Shift and Trends Reshaping Todays Market

    JAN 21

    351 | The Foreclosure Shift and Trends Reshaping Todays Market

    In this episode of the Paper Trail podcast, Chris discusses themes related to note investing with a focus on foreclosure trends. With 10 years of experience in mortgage notes and 25 years in real estate, Chris provides insights into the state of the foreclosure market post-COVID, contrasting it with the 2008 financial crisis. Key topics include foreclosure statistics from 2006 to 2025, varying foreclosure timelines by state, and the impacts of economic factors such as taxes, insurance, and interest rates on foreclosure trends. The episode also delves into how these trends affect note investors, emphasizing the opportunities in the growing non-performing mortgage note space. 00:00 Introduction to the Paper Trail Podcast 00:40 Diving into Foreclosure Trends 02:00 Historical Foreclosure Data Analysis 06:45 State-Specific Foreclosure Insights 11:37 Metro Area Foreclosure Hotspots 15:18 Foreclosure Timelines and Challenges 22:07 Future Market Predictions and Opportunities 24:45 Conclusion and Call to Action

    25 min
  5. 350 | The Importance of Title Insurance

    JAN 14

    350 | The Importance of Title Insurance

    In this episode of the Paper Trail podcast, Chris delves into the intricacies of title insurance, emphasizing its significance for mortgage note investors. Chris discusses the roles of owner's policies and lender's policies, presents real-life case studies of title claims, and highlights the pitfalls of neglecting title insurance. He also shares insights from Marco Bario's valuable article on the subject, stressing the growing importance of due diligence amid increasing fraud in the industry. Chris wraps up by providing tips on assessing title policies when acquiring notes and underscores the necessity of title insurance for every originator. 00:00 Introduction to the Paper Trail 00:41 Today's Topic: Title Insurance 00:55 Insights from Marco Bario 03:00 The Importance of Title Insurance 05:24 Understanding Title Insurance Policies 09:25 Common Title Insurance Issues 13:27 Case Studies and Real-Life Examples 18:45 Final Thoughts and Recommendations 24:30 Conclusion and Farewell

    25 min
  6. 349 | Common Mistakes Investors Make in Non-Judicial State

    JAN 7

    349 | Common Mistakes Investors Make in Non-Judicial State

    In this episode of the Paper Trail Podcast, host Chris Seveney delves into the common mistakes investors make when bidding on note investments. He breaks down a top 10 list of these errors, highlighting the complexities of foreclosure processes, especially in non-judicial states. Chris provides valuable examples and insights, stressing the importance of thorough due diligence, understanding potential delays, and realistic financial modeling. The episode is a must-listen for both active and passive investors looking to deepen their understanding of the mortgage note investment space. 00:00 Introduction to Note Investing 01:01 Top 10 Mistakes in Bidding on Assets 02:39 Case Study: Borrower A vs. Borrower B 04:11 Challenges in Foreclosure and Bankruptcy 09:17 Real-Life Examples and Investor Pitfalls 20:03 Understanding Non-Judicial vs. Judicial States 21:24 Conclusion and Resources

    22 min
  7. 348 | Predictions for 2026 in Real Estate and Non Performing Note Space

    12/17/2025

    348 | Predictions for 2026 in Real Estate and Non Performing Note Space

    2026 Real Estate and Non-Performing Notes Predictions In this episode of the Paper Trail Podcast, Chris shares his top 10 predictions for the real estate and lending markets in 2026. He discusses tighter lending standards, rising defaults, and the importance of being a disciplined operator. Key trends include the tightening of investor space lending conditions, challenges in the multifamily sector, struggles for sponsors operating outside their expertise, a slowdown in fix-and-flip activity, the rise of build-to-rent, increased defaults on investor loans, the complexities of judicial foreclosures, potential declines in home prices in booming states like Florida and Texas, and the predicted growth of 7E Investments. Chris emphasizes the necessity for consistency, strategic focus, and disciplined underwriting in navigating the year ahead. 00:00 Introduction and Recap 00:12 2026 Real Estate Predictions Overview 01:05 Trend 1: Tightening Lending Conditions 04:07 Trend 2: Multifamily Market Challenges 05:42 Trend 3: Struggles of Inexperienced Sponsors 09:01 Trend 4: Decline in Fix and Flip Activity 10:15 Trend 5: Build to Rent Opportunities 13:31 Trend 6: Rising Defaults on Investor Loans 15:59 Trend 7: Owner-Occupied Market Insights 19:10 Trend 8: Judicial Foreclosure Challenges 23:52 Trend 9: Home Price Declines in Key States 26:18 Trend 10: Growth Projections for 2026 27:47 Conclusion and Final Thoughts

    31 min
  8. E347 | Predictions Review for 2025

    12/10/2025

    E347 | Predictions Review for 2025

    In this episode of the Paper Trail podcast, Chris reviews his 2025 predictions and evaluates his accuracy, covering essential aspects such as interest rates, home prices, mortgage defaults, and the overall economy. He reflects on the media's portrayal of real estate, assesses the impact of interest rates and home pricing, and provides an in-depth analysis of mortgage defaults and delinquencies. The episode also predicts future market trends and emphasizes the importance of real estate experience. Additionally, Chris touches on short-term rentals, multifamily properties, seller financing, and the economic pressures facing households. This reflective analysis sets the stage for understanding current market dynamics and future forecasts in real estate. 00:00 Introduction and Episode Overview 00:42 Reflecting on 2025 Predictions 02:01 Interest Rates Analysis 04:08 Home Prices Trends 07:38 Mortgage Defaults and Delinquencies 11:41 Economic Pressures and Household Impact 15:58 Short-Term Rentals and Market Shifts 23:34 Fix and Flip Investor Loans 27:24 Macro Observations and Real Estate Trends 31:43 Conclusion and Future Predictions

    37 min
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4.9
out of 5
93 Ratings

About

Welcome to The Paper Trail, where we follow the journey—my journey—through the world of mortgage note investing. I'm Chris Seveney, and after years of buying, managing, and selling notes with 7e Investments, I'm here to share the real stories behind the deals—what went right, what went wrong, and what I wish I knew earlier. From non-performing loans to seller financing to private lending, this show is about more than strategies—it’s about learning to follow the paper trail and doing the due diligence that separates the pros from the rest. Let's hit the trail.

Information

  • Creator
    Chris Seveney
  • Years Active
    2018 - 2026
  • Episodes
    144
  • Rating
    Clean
  • Copyright
    Copyright © 2018-2023 Good Deeds, LLC, Chris Seveney. | All rights reserved
  • Show Website
    The Paper Trail

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