You Can Sell Your Note!
 (Frequently Asked Questions)Have you sold real estate and owner financed (Seller Carry-Back or
Privately Held Mortgage)?
- And are you receiving payments on that Mortgage that you sold?
- Did you know that it is possible for you to sell the Note for cash
today?
Many banks and credit companies do this all the time. They loan money to an individual to
purchase a home and then sell the note to an investor or another bank. This is done every
day of the week throughout the year. You have probably experienced this on a mortgage that
you were paying on. After a few months or years of payments you get a notice that your
mortgage was sold to someone and you should now send your monthly payment to them. All the
conditions on your original note stay the same, except to whom you now make payments to.
Your original note is still the binding document that secures the real estate.
The reasons why financial institutes are doing this can be various. One of the most common
reasons is to allow the seller, (in this case the bank), to obtain cash to reinvest in the
loaning of money. They make a small profit on each loan, and process a large number of
them. This translates into large profits for the bank. They also make money on the loan
origination, which they get a percentage of the loan amount for doing the paper work Banks
and other organizations purchase only large packages of Mortgages. A good example of this
is insurance companies. They buy large blocks of Mortgages from banks and other lending
Institutions, and very rarely deal with privately held mortgages. They believe their time
is better spent working with large blocks of notes than doing business with individuals.
There is no place for the owner of a Privately Held Mortgage to go to sell their note. We
fill this void in the banking community and allow an individual like yourself the
opportunity to sell their note. We purchase full and partial notes. philhuff@cash4notes.com
- How do I get started in selling my mortgage?
The first step is to get a free Quote on your Mortgage. Call us at 1-843-884-9851, or
check out our OnLine Quote Worksheet.
- What information is required to get a free Quote?
We need Information on the note holder, property, mortgage or trust deed, etc. Take a look
at the Mortgage Worksheet.
- How long does it take to receive my Quote?
After receiving the information needed, usually within 48 hours.
- What do I do next?
Review your Quote, once you have accepted it, we will then start our due
diligence(appraisal of property, title examination)
- How much money can I get for my Mortgage?
The amount of money you will receive depends on many factors. They include:: The type of
property The interest rate The length of time you have been receiving payments The credit
worthiness of the payer The location of the property The loan to value of the
property We consider all of these things as we evaluate your mortgage and compute
your quote.
- If I am holding a Mortgage with a balance of $50,000, will you pay
me the entire $50,000?
The amount paid will normally be less than the current balance. The amount depends on the
interest rate you charged the buyer, the term of the mortgage, current prime rate, value
of the property, loan to value, as well as other factors.
- Why are Mortgages discounted?
Money received today is worth more than money due in the future. When a seller wishes to
obtain a cash payoff, the mortgage must be discounted to make the yield attractive to an
investor to purchase.
- Can I sell just part of the Mortgage?
You can sell the whole mortgage or just a certain number of payments. We can tailor the
purchase to whatever your needs may be.
- Will there be any "OUT OF POCKET COSTS" to me.
It will cost you absolutely nothing. You do not pay any fees, commissions, points, or any
charges. We do the work and pay the cost required to complete the transaction. What we
quote to you is what you walk away with at closing.
- How long will it take for me to receive my money?
We make every effort to close within two weeks of receiving a signed agreement although in
most cases it will take approximately three to four weeks, as long as the paper work is
correct and no problems arise.
- How will I be paid?
Certified Check from a major financial institution.
- My selling of the Mortgage, will this affect the person making the
payments?
It will not affect them at all. The only change will be to whom and where they will make
the payments to. All terms and conditions set forth in the original note and mortgage
remain the same.
- Can this transaction be accomplished through the mail?
The sale of your Note can be completed quickly, easily, and confidentially through the
mail or in person.
- Will you buy new Mortgages, or do they have to be seasoned?
Yes, we do buy new Mortgages, if they meet our Loan to Value requirements. A seasoned
Mortgage is when that has been paid on for some amount of time.
- Do you buy Mortgages in any state?
Yes.
- Do you buy Second Mortgages?
Yes, we buy Second Mortgages as long as they meet our Loan to Value requirements.
- Can I contact you by phone?
Yes, please do, our number is 1-843-884-9851.
- Can I E-mail you?
Yes, philhuff@cash4notes.com
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