Why should I sell my
mortgage note?
Usually,
a promissory note is acquired in lieu of the cash desired during a
real estate transaction. If retained long enough, many notes will
eventually pay off. However, late payments, insurance liabilities,
tax problems and foreclosure may soon plague some
mortgage note holders. Even when these problems do not arise, many
people would really prefer to have their cash now!
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Will I have
to discount my note or contract?
In most cases, the seller will be required to take a discount when
the note/contract is sold. The amount of discount depends on the
structure of the note.
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Why are mortgages discounted?
Money received today is worth more than money due in the future.
When a seller wishes to obtain a cash payoff, the mortgage must be
discounted to make the yield attractive to an investor. The investor
is also taking a risk.
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How is my
mortgage note worth determined?
The value of any note is based on a number of variables such as the
down payment, interest rate, payment amount, and term, as well as
the buyer's credit rating and payment history. The type,
condition, and value of the property will also be determining
factors. Please fill out the Free On-line Data Form to find out.
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Do I have to
sell all of my note or contract?
Our investors have the ability to structure a purchase plan to fit
your needs. If you do not want to sell your entire note/contract we
can purchase a number of payments. Our experts tell us it's best to
sell the entire note and get out of the picture altogether.
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Are
the terms of my mortgage note affected if I sell?
No. As a matter of fact the sale of your note never changes any
terms of your mortgage including the interest rate and the monthly
payments.
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What kinds of properties and mortgages will you consider buying?
Mortgage Buyers will consider most types of real estate properties,
including residential, multi-family, certain types of commercial
properties, and land only. The properties may be secured by first or
second mortgages, contracts for deed or land contracts. Various
levels of credit will also be considered.
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How long will it
take to receive my money?
Generally, from three to six weeks. Payment is made at closing, when
all documents have been signed and recorded.
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Will you buy a new mortgage?
Yes, we buy new or recently created mortgages and trust deeds. (A
seasoned mortgage is one that has been partially paid down, giving a
history of how payments have been made.)
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How can I begin the begin the process of selling my note?
You provide us with all the pertinent information we need on your
mortgage and note by filling out our Free Data Form, or just give us
a call at 1-800-289-1021. Then we'll get back to you with a no
obligation quote. The quote will include a number of Cash Options
for you to consider. When you accept our Quote, we will then ask for
copies of certain documents relating to your mortgage. These may be
sent to us by fax, email or regular mail.
Upon our final approval of the note purchase, a closing is then
scheduled. Based on your preference, you receive your funds either
by wire transfer or certified check.
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Can this be done
through the mail ?
Absolutely, the sale transaction of your mortgage can be completely
done with ease and confidence through the mail or in person.
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