How can I sell a Mortgage Note?
In this post we’ll cover how to sell a mortgage note in Florida or Texas or any other state.
To sell a mortgage note quickly and efficiently, gather all the relevant documents before you speak to a mortgage buyer. The value of any mortgage note is determined by the equity in the property, the terms of the note and credit performance of the borrower.
To get started, you can fill out the simple form on this page or call us or any mortgage investor. In your dialogue with the mortgage buyer make sure you’re dealing with somebody whom you relate to, whom you can trust.
You don’t need an attorney to sell your mortgage note. However, if you prefer to involve your attorney you can certainly do that once you have a solid offer. Attorney fees in Florida, Texas or any other state can cost you hundreds of dollars. But the good news is most mortgage buyers provide an attorney to review closing documents
The offer for your mortgage note now will be net of fees including attorney fees. The offer you receive will be the exact amount of money you will get.
And you have options.:
- Sell the entire mortgage note for a cash buyout. You will no longer receive any more mortgage payments and not have any involvement in the event the mortgage note stops performing
- Sell just part of the mortgage note, i.e., just sell several payments for a specific amount. After the investor receives the payments, you have sold, the monthly mortgage payments return to you
Do you have questions about the process or need suggestions on reliable, trustworthy mortgage buyers, give us a call. See what other note sellers have said about dealing with us here. You can also check out our 5-star Google reviews, here.
Of course, you want to know how much will I receive if I sell a mortgage note.
While you will not receive the exact principal amount owed, you can still receive a large amount. So how do we determine what will pay for any mortgage note. So let’s review the underwriting process. Here are the factors that we must look at:
- The credit performance of the borrower both on the note you want to sell and with his other creditors. (We will pull a soft credit report on the borrower).
- The sales price of the property, date of sale and down payment.
- The current value of the property as determined by appraisal or a BPO
- The terms of the note: date, amount and interest rate
- Title report
As mentioned earlier, most of this information will be on the promissory note and closing statement,
How to get the most value from my mortgage note sale
Not all mortgage notes have the same value. While some are difficult to sell, others can be purchased with a low discount rate… meaning you get more money.
Some facts for getting the best value from your mortgage note…
- Contracts on single-family owner-occupied residences are the most desirable and will receive the smallest discount
- Notes with borrowers with strong credit are most desirable. These notes receive the highest price.
- Late or missed payments may cause problems
- Over the long haul you will probably do better by selling part of a mortgage note
- Notes with shorter terms are most desirable.
- Your Mortgage note will have the most value in low interest rate environments.
If you’re ready to sell your mortgage note but don’t know where to start, give us a call at 772-232-2383 or fill out the form on this page. Our note buyers will answer any question you have about the process, help you decide on mortgage note purchasing companies and get you started on the right track.
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 are here to help! When thinking that I want to sell my note online, reach out to us. 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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