Selling your mortgage note can be a good way to get the cash you need fast. The money can be used to pay off debt, save for unexpected expenses or fund a business venture.
It can also be a good source of cash when life events such as sending a child to college or planning a wedding require a large sum of money.
How It Works
If you have a mortgage note you want to sell for cash, we can help. Selling a mortgage note is a simple process that allows you to turn your future payments into cash that you can use right away.
When you are deciding to sell your mortgage note, there are many factors that go into the process. You will need to find a reputable company who will take the time to understand your needs and provide you with a solid, painless exit strategy.
The creditworthiness of the buyer is a big factor in how much a note is worth. It’s important to get multiple quotes from potential buyers so you can pick the one who offers the best value for your note.
Pricing
Whether you need a lump sum of cash to pay off a debt, make an investment, or resolve a dispute about your mortgage, selling your mortgage note can be a smart way to quickly free up cash. It also reduces your monthly payments by removing your obligation to make mortgage payments to a mortgage lender.
To sell your note, you will need to submit copies of the original documents including the deed, promissory note, and title report. You can do this through email, fax transmittal, or online.
The price you receive for your mortgage note will depend on a variety of factors, such as down payment or equity in the property, seasoning of the loan, and payment history. For example, you can receive top dollar if the loan has been paid at least 6-12 times.
Regardless of the reason you need to sell your mortgage note, you should find a reputable company that understands your situation and can offer you the most value for your money. This will give you the peace of mind and freedom that you deserve.
Due Diligence
Before you sell your mortgage note, there is a lot of due diligence to go through. Whether you’re a buyer or a seller, this process helps you find out everything that can affect your transaction.
One of the main areas a buyer is going to want to examine is your financial records and accounts. This will give them a clear idea of how your business is doing and what kind of future growth opportunities there are.
Another area that a buyer will want to investigate is your inventory. This will give them an idea of what sort of stock you have and how quickly it is moving.
If there’s a lot of obsolete or slow-moving stock on the premises, this can be a big red flag for a buyer. A buyer won’t pay a premium price for an inventory that has no hope of being turned back into cash.
Closing
The mortgage note is a legal document that you sign to agree to repay your loan in the specified time frame. It outlines your monthly payments, how much interest you’ll pay and what happens if you’re late on a payment or fail to make it all the way through.
However, the promissory note isn’t the only piece of paper involved in a mortgage transaction. The closing process also includes a variety of other documents that may appear to overlap with the promissory note, but really cover a lot more ground.
For example, a mortgage document might detail the property transfer rights between co-borrowers or guarantors. Moreover, it might include language that prohibits certain hazardous materials from being stored on the property.