Searching for mortgage note buyers in this time of Covid-19? Believe it or not, there is still plenty of opportunity for you to sell your mortgage note during this health challenge.
Dependable, reliable mortgage note buyers continue to underwrite each note purchase using the same basic criteria as used prior to Covid-19
Experienced mortgage note buyers evaluate each real estate note… looking at the financial performance of the borrower, the type of property securing the note, the terms of the loan and the length of time that the note has been in place.
So, let us look at each of these factors.
First let’s look at the borrower. Is he steadily employed? Has he been hurt by the impact of Covid-19? How is he performing on his promissory note with you? Is he making his payments on time? How has he been performing on his other financial obligations? (We will look at a credit report to determine how he is handling his other creditors.)
Next, our mortgage note buyers will look at the property securing your promissory note. What type of property is it? The most desirable mortgage note is on a single-family residence in which the owner/payer lives. The reason is that even someone who has great credit can face a financial challenge… particularly in this time of Covid-19. Generally, if a borrower has more bills than he has money, the house payment will be the last payment that he will forgo. That is not true for a mortgage on commercial property, land, or business.
Next our mortgage note buyers will look at the terms of the promissory note. When was the property sold? What was the down payment? What was the amount you financed? What was the interest rate? What was the date of the first payment? How many payments have been made? And, how many payments remain?
This information should be enough for our mortgage note buyers to make you an offer on your promissory note.
Assuming we can come together on an offer, the process followed by our mortgage note buyers is simple and straightforward.
First, we will order a drive-by appraisal to determine the value of the property. We will not bother anyone on site.
Then, our mortgage note buyers will order title work to ensure that the title to the property is clear… ensuring that there are no other liens on the property.
And finally, we will prepare the closing package. In that closing package you will have some documents to sign. The closing will take place either at a title company/attorney or via an overnight courier like FedEx. As soon as that process is completed, the purchase funds will be wired into your account.
And finally, a few points for you to consider. When you are looking for mortgage note buyers, make sure you find someone who has plenty of experience in overcoming problems and obstacles. Check out the reviews and testimonials of the mortgage note buyers. You can check out what other note sellers have to say about dealing with us by clicking here. You can also read our Google reviews by clicking here. And know that our mortgage note buyers are committed to find a way to purchase even the most difficult of promissory notes in the most difficult times.
As mortgage note buyers for over 30 years, we have been helping note holders just like you in all kinds of situations… from selling a private mortgage, selling a private trust deed, or selling almost any owner financed note… we will help! Although we are National mortgage note buyers , we love buying notes in Florida and Texas. If you want to free up cash in any real estate note you own… we will help! If you’d like to speak with someone before submitting your note information, just give us a call today at (772) 232-2383. Or check out our mortgage note buying process here.
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