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Many individual mortgage note holders don’t understand the different options they have with their private mortgage or Trust Deed. As I get a lot of questions about how to sell a mortgage note or selling a trust deed, I have come up with a list of popularthe most asked FAQs that may help.
Following are 10 popular questions:
1. Why would I want to sell my note? - The two biggest pluses of selling a note are a) tapping the cash now for higher return investments or unexpected expenses and b) Eliminating the hassles of keeping records of the borrower’s payments, etc.
2. Is it possible to sell part of my mortgage? Yes.
3. Can you explain the criteria for how much I will receive for my private note? There are 5 main elements a Normal 0 Mortgage Buyer looks at. They are: the amount of equity in the home, how long the borrower has been paying on the note, the interest rate on the note, the amount of time remaining on the note and lastly the creditworthiness of the mortgagor.
4. Will it be necessary to have an appraisal done on the property? Yes in order to determine the loan to value of the security. Occassionally, depending on the housing market, a Real Estate Broker’s opinion will work.
5. Will it be necessary to pull the home buyer’s credit? Yes, it is a key factor in determining the lump sum payment for your private mortgage.
6. Will I have to inform the borrower I am going to sell the mortgage? Yes. That’s the law.
7. How can I be sure the mortgage note or deed of trust allows me to Normal 0 sell my note? Just read the original mortgage but every note I’ve seen allows for the sale of the note. It is standard in most private mortgage agreements.
8. Can I Normal 0 sell deed of trust just like a private mortgage? they are all treated as one and the same.
9. I wish to sell my note payments for some extra cash but I am worried about losing all the income? Don’t worry. Some mortgage buyers can make a partial purchase of your private mortgage for only the amount you are looking for.
10. Is there a minimum mortgage note amount mortgage investors will buy? Our minimum is thirty thousand dollars.
Lastly, don’t assume you can’t get the amount you want from selling your mortgage note or deed of trust. There are a number of ways to structure a note sale so as to accomplish your goals. The key, however is to communicate to the mortgage buyer precisely what your goals are. This way they can structure the mortgage note terms to fit your goals exactly.
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Tags: mortgage buyer, mortgage note buyer, sell a note, sell my note