Tips on how to Sell your Mortgage Note.
The process of selling your mortgage is not a very hard process, it does take some time, effort and patience. If you take the time to sell your mortgage you could receive a lump sum of cash in about 3 to 6 weeks after you submit your note and property information. The process of selling your note consists of finding an investor, submitting the information of your note,
getting a quote from the mortgage purchaser, agreeing on a price for the note, commitment letter, information form, the due diligence of the property
and an escrow account to receive a lump sum of cash or partial purchase for your mortgage note.
How to find an investor is not very hard, you can go to Google and type in sell mortgage note, private mortgage buyers or mortgage buyers just to name a few keywords.
Find an investor you like and trust and follow through the process of getting cash for your mortgage note. For more information on how to sell your mortgage note go to ezinearticles and read through the real estate category.
The next step in the process of having a mortgage buyer purchase your mortgage is to give the investor your property and note information. Your property info consists of the type of property you owned, sales price, property value, loan amount and down payment. Your note info consists of the balance of the note, interest rate, payment amount, number of payments made, length of payments and such. You can go to my website link at the bottom of this article to get the full list of information needed to sell your mortgage.
Next you will receive a quote for your note, if you agree on a price you will receive a commitment letter and information request form to proceed in purchasing your mortgage.
A commitment letter is an agreement for an investor to purchase your note. Information request form is information needed to proceed in buying your mortgage, like copy of the note, payment history, escrow instructions, title insurance policy and credit report of the payer.
Once an investor receives all of the information on the original note, he or she will do their due diligence like making sure there is no liens on the
property and that the title is good. If all is well the exchange of cash for your mortgage note will go through an escrow account of your choosing. For more information and answers to your question please visit my website at https://sites.google.com/site/sellmortgagenoteaccurate/
Thank you.
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Hi,
ReplyDeleteTo find investors is not an easy job, real estate professionals always try to get more profit by selling of more houses. All the true documents work are in front of the public. Thanks a lot.