Should I Sell My Mortgage Note?
If you have gotten yourself into owner financing in the past, then you know that although it can provide a positive cash flow in a situation where you just can’t sell your home, but it also brings its own share of troubles. Especially if the mortgagee is not paying on time or you fear that they are taking advantage of your leniency, then you may be wondering, “Should I sell my mortgage note?”
The reason that people give for doing owner financing in the first place is because they can’t find someone who is qualified by the bank for their property, but they need to sell it or at least get it occupied and renting it out is not an option. When you take on a mortgage for someone, you are putting a lot of trust in both their ethics and their financial situation, and sometimes you get burned.
If you are asking yourself right now, “Should I sell my mortgage note?” then it may be because the people in your home are getting later and later with their payments, perhaps a check has bounced, or you fear that they are destroying your home and are planning on stopping the payments altogether. This is a terrible place to be in since it could take up to six months to get them kicked out legally.
Therefore, when I was having these problems, I immediately decided to sell my mortgage note. This was primarily because although I enjoyed the monthly cash flow that I was receiving, I wasn’t completely sure that it would continue for any length of time. In the meantime, I had my eyes on other properties that would be more lucrative to own and I wanted to cash out.
There are third party companies that will buy your mortgage note from you, which will provide you a sense of relief you probably haven’t had in a while. The price they pay will usually be lower than what the overall mortgage is, but at least you will be free of the home and all taxes and other costs associated with it, and you will have a lump sum of money that you can use to buy other properties or invest in other ways.
Selling your owner financed mortgage may be one of the best things you ever do financially, and it is now easier than ever to do it online in a matter of days.
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