Why Should I Sell My Mortgage Note?
If you are a home owner and are sitting on a home that you don’t need and want to get rid of, then you may think of owner financing as a quicker way to dump it. Everyone knows that if you get the price right, you will find buyers, but with today’s economy and the banks not lending money, it is extremely hard to find buyers at any price level who are qualified for a loan and that is where owner financing comes in.
If you have financed a loan and are currently wondering, “Should I sell my mortgage note?” then you have picked a very good time to do it. With housing prices continuing to drop, you made a wise choice to sell your home and you may well have enough in it to get a very good price for your mortgage.
When I first decided to sell my mortgage note, I went to the banks but none of them were biting. They don’t like third party mortgages because it is just too much paperwork for them and because they are dealing with a person (the one who has the mortgage with you) who they don’t know and hasn’t been qualified by them. This makes the entire transaction far too risky for them.
On the other hand, there are online companies that specialize in buying owner financed notes and they can help you through the entire process. Of course, you need to first make sure that you are happy with the diminished cash flow that you will have, since you will no longer be getting monthly payments from anyone. On the good side, however, you will be getting one large check for close to the value of the entire mortgage.
When I decided to sell my mortgage note, the entire process took less than a month to complete, and I soon got out from under the mortgage. No longer did I need to worry about whether I would be paid each month, whether the people in the home would default or what kind of care they were taking of the property. Having not to worry about these things provided me with a great sense of relief and the additional funds I received gave me a bankroll that I could put to work in buying another property at a lower price. This is the best way to get out from under an owner financed loan.
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