Mortgage Note Ownership
Following the decision to sell your owner-financed mortgage to a note-buying company such as American Equity Funding (AEF), you may wonder who owns the note. American Equity Funding owns each note it purchases and directly receives the payments. In many cases, however, the notes are brokered by a bank or other financial institution. The new buyer and AEF then receive the payments simply to ensure a smooth process.
Note Financing
Banks are not typically set up to deal one-on-one with private note sellers and do not wish to compile the required documentation. Therefore, they rely on mortgage note buyers like American Equity Funding to be resources in finding and providing properly documented notes. Both note sellers and buyers alike benefit from these professional services.
Keeping the Mortgage Note
American Equity Funding recently closed a note for a customer in less than two weeks, including signing the contract to the seller receiving funds. Each case is different when selling an Owner Financed Mortgage, and AEF felt that keeping and servicing this particular note was the best option for all involved. Credit must also be given to the note seller, who quickly provided a well-documented package. Amazing things happen when we work as a team with the note seller!
Brokering the Mortgage Note
Another mortgage note seller had more than one note he wished to sell. He was a repeat customer and serious about his need to sell quickly. He called on Christmas Eve and stated his request to finalize before the end of the year for tax purposes. This was an unusual situation, and the note seller had done his due diligence in preparing.
Extra help was solicited, and everyone worked diligently throughout the holiday, completing the transaction by the required deadline. The note seller was extremely excited! American Equity Funding felt that this pool of notes would best be serviced by brokering it to a financial institution from out of state who was very happy with the purchase.
Exceptional Service
These examples illustrate our commitment to excellence for every client, regardless of whether we keep or broker your mortgage note. Selling an owner-financed mortgage without assistance can be very stressful and challenging, especially for first-time note sellers. American Equity Funding prides itself on fast, friendly, and exceptional service!
Please call American Equity Funding at 1-800-874-2389. I welcome the opportunity to speak with you!
Steve Whitlock