The Florida Mortgage Note Buyers at American Funding Group have relaxed the requirements for purchasing Florida mortgage notes during the pandemic of 2020. We are looking more closely at the borrower’s ability to make mortgage payments while this Coronavirus threat persists.
“Working with you was a very pleasant experience. Everyone was so helpful. You went out of your way to solve all the problems that came up. You never seemed to get stressed out. It was great dealing with you.“ L.R., Little Falls, New York
Even in time of increased health challenge, the mortgage note buying business continues to be driven by the risk-reward balance. The less risk our Florida mortgage note buyers have to take… the more we will be able to pay. Alternatively, on any note purchase, the more risk we have to take… the less we will be able to pay. So let’s go over the items we evaluate to determine he element of risk in each mortgage note purchase. Or you can check out how to sell your note, here.
What our Florida Mortgage Note Buyers can pay for a mortgage note continues to depend on the borrower’s financial performance with his creditors, the type of property securing the note, the equity position of the borrower, the length of time the note has been in place and the terms of the note.
How has the borrower handled his financial obligations? Has your borrower been paying on time? And, how is he performing with other creditors… to determine this, we will check with the credit bureaus.
Is your note secured by a single family owner occupied residence? This is the most desirable mortgage. If the borrower finds himself in financial distress encounters financial difficulty, such as reduced income to Coronavirus, he may have more bills than he has income. So he has a choice to make… which bills to pay and which bills to let go.
Since everyone needs a place to live, normally the house payment is going to be last to go since the borrower will not want to lose his home to foreclosure. But if he misses payments on investor properties, commercial notes or payments on land, he will be relatively unaffected except for negative impacts on his credit scores.
We need the details of the property sale and the financing arrangements. When was the property sold, what was the sale price and down payment? What is the interest rate, payment amount and date of first payment?
We evaluate this information and then determine how much we are willing to risk… looking at the potential of default. If the borrower defaults, we may have to sit and wait for the foreclosure process to be completed (in some states this could take several years). We will incur carrying costs, attorney fees, repair costs and selling costs All of this can eat up quite a bit of equity… maybe on the order 25 to 30%.
DO NOT let the current economic condition frighten you from selling your mortgage.
We have been in business over 30 years. You can check out what other note sellers had to say about us by clicking here. My promise is that we will treat you as we would want to be treated. We will make sure that you are dealt authentically and fairly.
So if you wish to sell your note now, please fill out the form on this page to get the process started. Or if you would like to speak to one of our Florida mortgage note buyers, if only have some questions answered, give us a call at 772-232-2383 and we will help you in any way that we can.
We wish you the best in moving through this pandemic.
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