For anyone that has tried to buy a house or any other type of property before, then the concept of a mortgage note is not new. Mortgage notes are in simple terms promissory notes. These are documents that promise to pay a particular debt, in this case, a mortgage.
A mortgage is a kind of contract, a loan that is secured by real estate. A mortgage note is provided at the end of closing a home and it usually contains lots of information including the size of the loan (mortgage), the repayment period, the interest and maturity rate, and the payment terms.
Selling A Mortgage Note
One of the reasons why consumers choose private mortgage notes is because they can be traded. Mortgage notes can be bought by a buyer, seller, or lender, and also by a private broker or lender who wants to sell. Usually, the reason why the owner of a mortgage note considers selling is to convert those notes into lump sums. Caution is advised here, though. Before selling, the seller should have information about the mortgage note including the terms of the mortgage, the interest rate, and so on.
It is also possible to sell only a part of the mortgage note if the amount of money needed is small. Selling is also a good way to avoid the risk of a borrower defaulting on their regular payments.
How To Sell Mortgage Notes With Simanda Investments
Selling your mortgage notes on Simanda Investments is easy. You will require a few documents including:
- The original Mortgage note
- The security instrument which is a mortgage or trust deed
- The original sales contract
- Payment history of the mortgage note
- Credit history of the person paying the mortgage note.
When all these documents have been provided, then there are only a few steps to go through before you can get your money. Here they are:
- You can visit their official website to fill out the form
- Then a few basic information will be requested
- The mortgage is evaluated and an offer is made
- If the offer is accepted, the money is wired to you as soon as all the documents have been verified.
It is as easy as that. The process does not take a long time and everything has been ordered in such a way as to make it quite easy to navigate. If you are looking to sell your mortgage notes, you should definitely get in touch with Simanda Investments. To get started, go here.