When faced with financial emergencies, people often resolve to sell their assets. Emergencies like medical bills, college tuition, debt payment, or even other investments can leave you helpless if not sorted.
A mortgage note is one of those assets that save the day. Asides from settling bills, some mortgage note owners sell the note just to be free of the responsibilities that come with the repayment process.
What is a Mortgage Note?
A mortgage note, promissory note or mortgage promissory note is a legal document binding a borrower to repay their loan and the interest to the lender. A mortgage note is different from other note types because it is only used for the purchase of a property.
The mortgage note specifies the amount borrowed, the interest rate, the repayment plan, what happens when a borrower defaults etc.
In most cases, the lender can take over the borrower’s property if they delay or stop payments or take actions as specified in the promissory note. In essence, the lender has the upper hand for as long as the document stands I.e until payment has been fully made.
How to Sell a Mortgage Note
A mortgage note holder is allowed to sell the note when and how they want. It is however important to know how you can get the best value for your note.
You can choose to either sell your note in full or sell only a portion of it. The latter is more likely to fetch you more money in the long run.
To sell a mortgage note, you will need to contact a company that buys mortgage notes. And not just any company, one that is transparent and committed to helping you make the best choice.
The requirements for selling a mortgage note are quite similar. Most companies will ask for the original document, security instrument, payment history of the mortgage, credit history of the borrower etc.
With these documents, the note buyer can evaluate your claims for accuracy before making a buying decision.
At Simanda Investments, whether your mortgage borrower has been consistent with payment or not, you stand a chance of selling your mortgage note.
Sell Your Mortgage Note Today!
Simanda Investments buys and sells mortgage notes seamlessly. From Single Family Home Notes to Notes on Duplex and Triplex, Notes on Mobile Home with Lands, and Boat Notes, they are your number one plug.
Perhaps you have Business Notes secured by real estate or inventory, as long as you are willing to sell, Simanda Investments is ready to buy.