Why I Decided to Sell My Mortgage Note
Just a while ago, I had bought multiple properties at discount prices, some of which were foreclosures, and I was happy with the investments. Some of the properties I immediately sold, but one in particular I couldn’t sell at all. I tried to rent it out, but couldn’t. The only choice I had was to finance the home for a friend of mine, holding the note on the house.
This was not a particularly risky move on my part since I knew that they had a reliable job and were good for the money. Obviously, I could always take over the home again if they failed to pay the mortgage. But, after a while, I decided that I could do a lot more with the money that was tied up in that house than sit around waiting for it for the next ten or twenty years, so I decided to sell my mortgage note.
This is actually much easier than you might think and as long as you are working with a reliable company and have the knowledge and legal backup to do it, it is an easy transaction that will result in almost immediate cash. You won’t get the kind of money you would have gotten had you sold the home in the first place, but in these times, sometimes it is just good to get out of a bad deal.
When I decided to sell my mortgage note, I first gave the buyers of the home the first right to refinance, which they were unable to do. I took the note to a company that specializes in buying mortgage notes and they walked me through the entire transaction. The price they offered me was based on a number of factors, including the credit rating of the current buyer, the value of the home, the current interest rate vs. what I was charging, and the term of the loan.
Making the decision to sell my mortgage note was one of the best financial decisions I have ever made. This is not because I netted out a huge profit – I did not. But, I was able to get out from under the stress of worrying about cash flow, and I was also able to put that money to better work. Now, it is invested at a much higher rate than I was getting, and it is more sound.
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