Problems in Selling a Florida Mortgage note? Read on and see how we handle problems.
When buying any Florida mortgage note, the first thing we investigate is how financially strong is the borrower? How is he/she performing not only on your note and also with other creditors? We will pull a Soft Credit Report on the borrowers which won’t affect their credit score. One of the major problems in selling a Florida Mortgage Note is with borrowers who are financially weak.
When we buy any mortgage note, we try to assess the ability of the payers to make payments as agreed. This is a risk-reward business. The better the financial performance of the payers, the more money we can pay. The worst the financial performance… the less money we can pay.
In a case where the borrowers have really rough credit, we would look at buying a portion of the mortgage note with an option to buy more of the mortgage once we have experience with the borrower’s financial performance.
Another potential issue in selling a Florida Mortgage Note is that the property doesn’t appraise. We pay for an appraisal to establish value. If the value isn’t there, we would look at buying a portion of the Florida Mortgage note now and more of the note in the future.
What are the most desirable mortgages?
How the property is being used for the loan is very important. The most desirable loan, from investors point of view, is on the home which the borrower lives in. Because…even if someone has good credit, he can have future financial difficulties (health, divorce, loss of job) and find himself in a situation where he doesn’t have enough income to pay monthly bills. And,generally the house payment is the last payment he will forgo.
The next most desirable mortgage is on an investor property with 1-4 residential units… After that we love commercial mortgages and mortgages on land. We also buy business notes.
What Are the Loan Terms?
Maybe you are looking at selling a Florida mortgage note which has a balloon payment in one or two years. In this case we’d evaluate the borrower’s ability to make the balloon payment on time. If we determine that the borrower has no plans to make the balloon payment, we will look at rewriting the loan, extending the current payment and removing the balloon payment.
In summary, we are problem solvers.
We buy many notes which other note buyers can’t buy… by developing creative solutions to overcoming problems. We would love the opportunity to buy your note.
Check out what other note holders have had to say about dealing with us by clicking here. And you can also checkout our company philosophy and guarantee to you… here.
If you have any questions or concerns, please call us at 772-232-2383 and we will help you in any way that we can.
If you are interested in selling a Florida mortgage note now… we want to completely understand your mortgage note transaction to make you a reliable highest and best offer. To start the conversation,you may fill out the below form on this page or call us at 772-232-2383.
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