Get Cash For Your Mortgage Note

Reason 7 To Sell Us Your Note

Dealing with Property Maintenance

BORROWER’S DUTIES TO MAINTAIN PREMISES:
Every now and then… you need to drive by the property you sold, but if you have moved out of state and become an absentee owner, have someone you know to do this for you. You don’t want to to be a note holder of a run down property. Low or no maintenance on the property can seriously diminish the value of your loan and might cause slow payments from the borrower. Even in apartment renting, tenants are reluctant to make rent payments when maintenance is not repairing the property if things break down or there is a bug problem. Now on the other hand, if you have improvements to the property, for example (a new roof, new landscaping, new fence, new paint job, new air conditioner heater, etc) the borrowers will most likely make prompt payments. Try to stay from selling handyman specials or fixer uppers. You are basically selling a junker. A happy borrower is a paying borrower.

At the end of the day, most sellers are not willing to rehab the property before selling. Most just sell it as is hoping to get a good paying buyer. This can be costly and can cause headaches.

Another solution is to cash out of the mortgage note or trust deed to an investor and be done with the headaches.

https://webuymortgagenotesforcash.com

Reason 5 To Sell Us Your Note

How to Deal With a Balloon Payment

When trying to handle a balloon payment with seller owner financed mortgage notes, trust deeds, or land contracts it is a good idea to notify the Borrower by letter at least four to six months before the balloon is due. This gives the Borrower plenty of time to find a way to finance or otherwise pay that last, large payment. For example, if the balloon payment is $10,000 after 60 payments, and the borrower does not have it, then you will be entering a new situation with the mortgage. You might want to work out a refinance deal with them like a loan modification or worst case scenario…. start the foreclosure process. That is not fun.