Mortgage Note Buyer
If you own a mortgage you may be quite satisfied with it because it brings you monthly revenue. On the other hand, your financial situation may mean that you would rather have a lump sum than having to wait for 20 or 30 years for you to get a full return on your investment. If this is the case you could probably sell your mortgage to a mortgage note buyer. You could even sell just a part of the mortgage and split the difference: some continuing payments each month, and a lump sum, albeit smaller than if you had sold the whole thing, to do with as you please. It does not matter what the mortgage you own is for; it can be for a house, land, an industrial or commercial property or a condo – if it is real estate and it belongs to you, you can sell it.
If you sell all of your mortgage, the mortgage note buyer will give you what you have agreed on and then will take responsibility for receiving all future payments, so you are free from any worries that you might have had about the person who owed you not paying for any reason.
If you only sell part of your mortgage, you will still have some responsibilities towards that loan.
Firstly, do some serious research in order to come to the decision that selling your mortgage to a mortgage note buyer is your best option. The price that you will be able to sell at will depend upon a lot of things, including how credit worthy the person who is making the payments is; the amount of equity there is in the property, and the current interest rate – if the mortgage is of the variable rate variety. It will also be decided by how desperate you are to sell and what is the lowest price you are willing to accept. What you can be absolutely certain of is that a mortgage note buyer will negotiate very hard in an attempt to lower the price.
To find a mortgage note buyer, talk to real estate professionals and have a look online. If you get a choice of mortgage note buyers, make the time to study each offer that you get carefully so that you get the best deal possible. mortgage note buyers should be licensed, so you can check that, and also look at any online reviews to see if there any recommendations – or complaints.
Make sure that you have all the correct documentation that you need, including the mortgage note buyer‘s; and all the terms of the mortgage. You could enlist the help of an attorney who has experiece with the buying and selling of mortgages so that you will be certain of who is responsible for what costs such as the title search. If you accept an offer, the process should take about 30 days to complete, and you will be in receipt of your cash.