A mortgage note shows proof of lien or debt for a piece of property and includes both homes and raw pieces of land without any buildings. While it is nice to have the investment of a note, there are times that it isn’t feasible and the note holder can no longer afford the responsibility. Causes such as late payments, tax issues, insurance liabilities, and foreclosure can all contribute to someone saying “Sell my Mortgage Note!”. On the other hand, there may not be any foreseeable problems but the note holder simply wants cash in hand. Regardless of the reasons, selling the note may be the best choice. How do you begin the process, what is involved in the selling procedure, and finally, how do you decide if selling your mortgage note is the best option for your individual circumstances?
Make an Informed Decision
Before entering into any proceedings, make certain that selling your note is the path you wish to pursue. It is important to be confident and comfortable with your decision in order to avoid getting involved and then realizing it wasn’t the right choice and wasting everyone’s time and energy (including your own). If you feel strapped for cash, consider evaluating other funding opportunities.
Once the decision has been made to sell your real estate note, start evaluating different options. Doing so will help you understand favorable sales opportunities and set the tone for the rest of the arrangements. Be careful and thorough as you consider what to do.
Select a Note Buying Company
There are hundreds of companies that buy mortgages and will gladly invest in your property. Selling a note is an official business transaction and should be handled by a responsive, professional, and respectful mortgage buying company with whom you feel comfortable.
Enter Into a Sales Agreement
Once an investor has been selected, it is time to establish a sales agreement which will include the following information:
· Sale price
· Number of payments sold
· The party responsible for closing expenses
Schedule a Closing Date
Provide the required documents for an investor review (i.e. due diligence). Be prepared to wait several weeks for processing and then upon approval, the investor will make contact to schedule a closing date. At that point, it will be matter of signing the documents and receiving your cash!
Sell my Mortgage Note
Is it time to sell your note? American Equity Funding is a trusted, experienced, and qualified mortgage buyer that will assist you in the best possible manner to begin the process, keep you informed during the selling procedure, and help you make the most beneficial decisions per your individual situation.