Should I Sell My Mortgage Note Now?
Sometimes it is extremely difficult to look back at a financial decision that you made in the past and realize that you made a huge mistake. Much like a bad trade in the stock market, you are usually more willing to go down in flames than just take your losses and walk away. If you find yourself holding a note and are unsure if you should “sell my mortgage note” and walk away, then now might just be the time to do it.
The most obvious reason for prematurely selling a mortgage note is because your needs have shipped. For me, I decided to sell my mortgage note because cash flow wasn’t nearly as important as getting my hands on a lot of cash. Although I did make a loss on the deal, it was much less than it would have been had I rode the note out until the end. When I decided to sell my mortgage note, I also had cash in hand to put to better use.
When you are thinking of selling a mortgage note, it is vital that you find a reliable company to deal with. You should have an attorney who is experienced in this type of transaction so that you will not end up getting ripped off. Although there are many companies that claim to buy mortgage notes, it is a good idea to shop around to find the best deal, because no matter who you sell to, you will be selling at a loss.
Some people say that selling now is a good idea since interest rates are so low. Especially if you are able to cash out (at a loss) now, hold onto your money and then re-invest later on at a higher interest rate, then you will have ready cash now and a much better investment in the longer term.
In addition, some people just don’t like being in the mortgage holding business. It is stressful, especially if the people who you are funding are not as reliable or as financially sound as they were when you took on the financing. This is an extremely common occurrence right now, especially as so many people are losing their jobs and not able to make their payments. By selling your mortgage note to another company, you can have this stress taken away and get your hands on the money that you need right now.
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