Texas Mortgage note buyers are now buying notes in this time of coronavirus.
Our Texas Mortgage Note Buyers have relaxed their buying requirements to buy real estate notes during the pandemic of 2020.
While we primarily purchase real estate notes in Texas and Florida, we are now buying mortgage notes in all states. But our Texas mortgage note buyers are now more focused on the borrower’s ability to make the payments during this time of pandemic.
As this is a risk reward business, we be able to pay more for a note when there is less risk. On the other hand, we will pay less when we have to take more risk. So, how do we decide what to pay for your mortgage note?
Even in a pandemic, our Texas mortgage note buyers will determine what we can pay by evaluating a number of criteria. We will analyze 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.
First, how has your borrower conduct his financial affairs? Has he made all his payments to you on time? To determine how he is performing with his other creditors, we will do a soft credit check with the credit bureaus.
Next, what is type of property secures your mortgage note? The single-family owner-occupied house is the most desirable mortgage. If the payor has great credit… he may encounter financial difficulty from this pandemic; he may not be able to pay all his bills. if that happens, his house payment will generally be the first payment he makes as he will not want to lose his home to foreclosure. But if he misses payments on investor properties, commercial notes or payments on land, his credit core may be impacted but he won’t lose his home.
What were the details of the real estate transaction? 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?
And, finally we have to assess 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%.
But don’t let the current economic condition frighten you from selling your mortgage note to our Texas Mortgage note buyers.
We have been helping note holders like yourself for over 30 years. Please 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 with authentically and fairly.
If you’d like to sell your note now, fill out the form on this page. Or you may talk to one of our note buyers, if only to have some questions answered, by calling us at (772) 232-2383. Be assured that we will help you in any way that we can.
And GOOD Luck in moving through this pandemic.
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