How Exactly Do I Sell My Mortgage Note?
Many people are asking “How do I sell my mortgage note?” for a variety of reasons right now. Although at the time they got into the mortgage holding business, it may have seemed like a good idea, many people are finding that being a banker is stressful business, especially in today’s economy.
The primary reason why people are holding mortgage notes is because they had property and couldn’t find a buyer that could get their own mortgage. So, instead of lowering the price of the house, they financed a buyer who couldn’t otherwise get a loan. This is a wonderful way to get regular cash flow – as long as you have the right buyer.
The problem that many mortgage holders have found is there was a reason why those people couldn’t get mortgages, and that may have been because they weren’t good credit risks. If you find yourself struggling with your buyers, or you are just tired of all the stress that it involves, then asking yourself, “How do I sell my mortgage note?” is a good question to ask.
At one point, I had several investment properties, one of which is owner financed. This means that I owned the note for the people who were living in the home. I decided to sell my mortgage note not because they were unreliable, but because I wanted to free up some cash to buy more properties. At that time, being able to make investments was more important than getting a regular cash flow and tying up money for thirty years.
Selling your mortgage note even just a couple of years ago was very difficult because there weren’t a lot of people in my position, and there also weren’t a lot of companies interested in buying mortgage notes. In addition, it seems as if everyone back then could qualify for their own mortgage. But times have changed and there are now some very reliable companies that will offer you cash in exchange for your mortgage note.
Keep in mind that when you sell your mortgage note, that you will not get full value for it. But, you will get your hands on money that would otherwise be tied up for decades, and although interest rates are low now, they won’t always be. You can easily hold on to that money, or put it to work in another property where you aren’t relying on someone else to provide you with cash.
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