Do You Know How Can I Sell My Mortgage Note?
If you are one of the many home owners who had a house but couldn’t sell it, and then turned to owner financing, then you are not alone. Over the past couple of years, a lot of people have done that as a way to create cash flow and get out of a house that was costing them money. The downside with owner financing is that you won’t realize the value of your home for years to come and if you are trying to build up cash for another investment, then you are stuck.
I did much the same thing on a home that I couldn’t sell. I had people who wanted to buy it, but they couldn’t get qualified for the full amount by the banks. This was when the banks were virtually at a standstill in offering mortgages. So, I arranged owner financing and they have paid me regularly since then. What I didn’t realize at the time was that housing prices were going to continue to fall, and although it was a good idea that I sold my house then, I now want money to buy another one.
I decided to sell my mortgage note in spite of the fact that it would cut into my cash flow. I would miss that monthly payment, but I would also have a huge check coming to me for the value of the mortgage. Of course, when you do what I did and sell my mortgage note, you won’t get the full value of the mortgage, but you will get close to it, and you will end up with enough cash to buy another property if you wish.
If you go to a bank, organizing this kind of financial deal is simply impossible. They are not in the business of offering mortgages at all anymore, so they sure won’t be interested in buying an owner financed mortgage note. Therefore, you should look online and find a mortgage note buyer. I was able to sell my mortgage note and get a check for the payout in a matter of weeks, which was considerably faster than I ever thought it would be.
I was amazed at the simplicity of the transaction and am relieved that I can finally get out from under the monthly stress of wondering I was going to get paid. I am finally in charge of my own financial situation again, without stress.
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