You may have heard of problems when selling a Florida mortgage note. In this blog post we will discuss some common problems in selling a Florida mortgage note and what you can do to overcome them.
If you are reading this post, I’ll assume that you sold a property and took back a mortgage. Now you’re considering selling a Florida mortgage note and want to be prepared to handle any problems that might come up.
So, let’s discuss some of the difficulties you may run into when selling a Florida mortgage note.
First is the credit of the payer. When investors purchase any mortgage, they want to evaluate the risk of that mortgage. The better the credit of the borrower, the more investor will pay for that note. So, what do you do if you have a payer with bad credit? Well, you do have some options. In most cases we will buy part of the note and work with the payer to improve his credit, so that we can buy the entire note in the future.
Next, we look at the current value of the property securing the mortgage. The more the payer has at risk, that is the more equity he has, the less potential problems we will have in buying that mortgage note… and the more we will pay for that note. Or, if the property is worth less than the balance of the note, in many cases we will buy a portion of the note.
Next, we look at the terms of the mortgage note. If the note has a low interest rate or has a balloon payment coming up shortly, we may look at renegotiating the terms of the note in such a way that it benefits both the payer and the investor.
And, we may run into title problems. In my 30 years of buying mortgage notes, I’ve never encountered a problem that we couldn’t overcome. These problems include a portion of a structure being built on a neighbor’s property, the original promissory note being lost, and errors in the warranty deed and mortgage.
If, you are considering selling a Florida mortgage note, make sure you’re doing business with someone that you can trust. Check your Florida note buyers’ experience and their referrals and testimonials. Make sure that you’re dealing with someone who is more interested in solving your problem and getting you the cash that you need then they are in “getting into your wallet”.
If you would like a fast fair offer when selling a Florida Mortgage note, please fill out the form on this page or call us at 772-232-2383 and we will help you in any way that we can.
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