US
Mortgage Buyer - A U.S. Funding Solutions,
Inc. Mortgage Buyers Website
Attention
Note Brokers, Investors & Mortgage Buyers: Want
2010 to be a banner year? Find out how at
Winning
Cash Flow Business Don't delay.
U.S. Funding Solutions, Inc., is a
national mortgage buyer specializing
in buying Owner Financed Mortgage notes as well as Deeds
of Trust, privately held commercial mortgages (that
include real estate) and Land Contracts.
(Closings in as little
as 10 Days). Interested
in a Lump Sum of Cash Now
from a friendly, professional mortgage buyer
instead of waiting years to receive the money from the
sale of your property?
Here is something that many private mortgage note holders
don't know. You Can Sell a Portion of Your
Mortgage Note Payments as opposed to selling
the entire mortgage? Inquire about our Partial Mortgage
Purchase Program and find out how you can receive a
lump sum of cash now for a portion of your mortgage
note or for a predetermined number of future mortgage
payments.
We have teamed up with a number of private mortgage
buyers in order to buy notes that don't fit our portfolio.
Call
7 Days A Week For Great Pricing! You'll Be Glad You
Did.
1-877-655-5625
Among this
group of private mortgage buyers is an FDIC Bank,
and a Federal Savings Bank. This allows us to offer
you the best mortgage note pricing in the industry.Call
to find out.
There are many good reasons to sell a mortgage note,
a trust deed or even sell a land contract.
Here are just a few:
Capitalize on a lucrative business opportunity
Buy Foreclosed Real Estate for pennies on the dollar
Eliminate high interest or other debt
Estate planning
Simply to eliminate the risks and hassles of holding
a mortgage
So why would you choose U.S. Funding Solutions as your
Mortgage Buyer? We pride ourselves on paying the highest
price in the industry. Also, we conduct ourselves in
a professional manner and have the ability to fund your
deal quickly.
Noteholders
- Check Out our FREE List of Mortgage Note holder Helpful
Hints from the prospective of a mortgage buyer on our
main corporate site. Click
Here to Access this valuable information on Protecting
Your Asset.
Call
7 Days A Week For Great Pricing! You'll Be Glad You
Did.
1-877-655-5625
FAQ's
- Private Mortgage Buyers of Owner Financed Mortgages,
Trust Deeds and Land Contracts
1. What
are the advantages of selling an owner financed mortgage
to a private mortgage buyer? - The
two biggest advantages are a) Accessing the cash now
for critical investments or expenses and b) Eliminating
the hassles of managing the borrower's payments and
reporting.
2. What
are the criteria for how much I will receive from a
mortgage buyer? There are 4 main factors.
They are: Equity in the property, seasoning on the note,
the interest rate on the note and lastly the credit
of the borrower.
3. Will
a mortgage buyer require an
appraisal in order to buy my mortgage note? Yes.
4. Will
you need to check the buyer's credit? Yes, it is a very
important factor for a mortgage buyer in determining
the lump sum payment for your mortgage.
5. How
long does it typically take to receive my lump sum payment
for my owner financed mortgage note? Typically 1 to
2 weeks.
6. Are
you a mobile home mortgage buyer? Yes, if they
include the land.
7. Can
I sell a Land Contract? Yes.
8. Do you
buy Land Contracts? Yes, with or without improvements.
9. Would
you or any private mortgage buyers
be interested in buying a mortgage on commercial property?
Yes.
10. What
if I don't know the credit of the borrower that I gave
an owner financed morgage? We will quote you an estimated
lump sum settlement based on your best guess and adjust
(up or down) the final payment after credit is pulled.
11. Do
you buy Land Contracts? Yes
12. Are
you a Trust Deed buyer? Yes.
13. I would
like to sell my mortgage payments for some
extra cash but am afraid of loosing all the monthly
income? Not to worry. As a mortgage buyer, we can even
make a partial purchase of your private mortgage for
just the amount you need
14. What
is the minimum mortgage size you will buy? $30,000..
15. Are
you a mortgage buyer for condos? Yes.
16. Do
you buy business notes?
Yes, if they are secured by real estate.
17. Are
you also a commercial mortgage buyers?
Absolutely. We are also a private mortgage buyer and
will be happy to provide you a quote if you want to
sell a private commercial mortgage.
Real Estate & Mortgage News for
US Mortgage Buyer Website
Mortgage Buyer
Related Articles That Might Be of Interest
Owner Financing Mistakes to
Avoid
Home sellers offering a home buyers
private financing is a terriffic way to sell a home
and sell it fast. This is more so now than ever before
because of the depressed housing market and lenders
back peddling on loan programs at an alarming rate.
I keep a close watch on the mortgage market and home
mortgage lenders are issuing tighter loan requirements
every day! On top of this, our government thanks to
all the "contributions" from the big banks
(many of which were bailed out are putting mortgage
brokers out of business at an accelerating rate And
yes, there were quite a few mortgage brokers that did
some shady things during the go go days but so did big
banks, Realtors, home builders and appraisers. But sadly,
mortgage brokers could shop the market for the consumer
but consumers are more and more having to call the big
banks for a loan and speak to some uncaring clerk not
wiling to go the extra mile for the customer. But I
digress.
Property sellers often make a few crucial
mistakes when offering seller financing making the note
worth less (sometimes significantly less) to a mortgage
buyer. The most common mistakes I see are:
1) Not requesting a copy of the buyer's credit, 2) Not
charging an above market interest rate and 3) Setting
a balloon period that is way too short. So if you are
thinking about offering seller financing to sell your
home, take note ofthese to be sure you create a more
valuable and marketable financial instrument.
A Word Of Advice To Noteholders
So You Get The
Most Money When Selling A Private
Mortgage To A Private Mortgage Buyer
I see note holders every day trying
to sell a mortgage note that make the mistake of demanding
an all or nothing note purchase to a mortgage buyer.
And while I certainly can empathize with them wanting
to get the biggest lump sum of cash possible, often
it is in the noteholders best interest to only sell
a portion of a mortgage note. Most mortgage
buyers will price a note much higher where
the current note holder still has some risk in the deal.
So if you're looking to sell a private mortgage note,
you should look at both a full and a partial note purchase
quote. You may just might find yourself with an interesting
decision to make.
Some Private Note Holders
Are Experiencing The Same Illness As The Big Banks,
But They Don't Need To
I was speaking with a private mortgage
holder the other day and he was excited about selling
his privately held mortgage that he had over $500,000
locked up in. The note had almost a year's seasoning
and with a 9.5% rate should bring a good price. I priced
the note based on his estimate of the borrowers credit
and he was very pleased. The note holder was quite confident
that the borrower's credit should be in the area (mid
600s) it was in less than 10 months ago when they closed
the sale of his home. The borrower was self-employed
and had put down a significant down payment (over $120,000).
As any mortgage buyer
will do, we pulled credit and unfortunately the borrower's
score had dropped dramatically (to under 500), making
the note virtually un-sellable at least at this moment.
Needless to say, my customer was both shocked and disappointed.
The good news is it was a beautiful custom built home
in a nice area so if he has to foreclose on the home,
he should do well except for the hassle.
Just like the big boys, many private
mortgage holders are getting tangled up in this terrible
real estate market. And unlike a bank that has a portfolio
of loans to spread their risk on, a private mortgage
note holder typically has only one note. The good news
is individuals can minimize this risk 4 ways, including
eliminating their risk altogether.
1. The first is to require a good down
payment (at least 15% and preferably 20% or more).
2. The second is to pull credit on prospective borrowers
and require a score of at least 660. And yes, there
are prospective buyers with very good credit scores;
particularly self-employed buyers that can't produce
enough income from tax returns or that just don't want
the hassles of applying for a traditional mortgage today.
It also might be a good idea to ask how the borrower
makes a living. This may reveal a business or job that
would be considered risky or very volatile.
3. Third, create a note that has an attractive interest
rate with either no balloon or at least a balloon at
least 10 or 15 years out.
4. Of course, the ultimate protection for the note holder
is to sell the note to a mortgage buyer immediately
or even better, after a few payments are made (what
is called seasoning). After all, that's what most big
mortgage companies do. The discount on the sale of the
note can be worth it by eliminating all the hassles
of managing a private note (monitoring the borrowers
taxes and insurance, documenting payments, 1099s, etc.)
as well as make sleeping at night much easier, something
we could all use.
One final note. If you ever see yourself
selling your private mortgage, even if you don't work
with me, now is the time to sell while rates are low
and in particular while your borrower's credit and jobs
is still in tact.
Is
Now A Good Time ToI Sell A Private Mortgage Note?
Due to current economic conditions
many private mortgage note or trust deed holders are
asking themselves this question. And who can blame them
with all the bad news we see every day. Ironically,
many owner-financed mortgages have been created because
of the need for owner financing in order to sell a home
in this crazy real estate market. Fortunately, for most
home sellers who offered owner financing the offer of
owner financing 1) Sold the home much faster, 2) Probably
sold the home for a higher amount, 3) May have been
able to sell the home without real estate commissions,
and 4) Created a marketable asset (the mortgage note)
they can sell at a future date when they need the additional
cash.
So if you are holding a private mortgage, you need
to consider the pros and cons or selling your note now.
While not meant to be all-inclusive, here are some things
to consider. First, the positives.
1) You can sell a note to provide a nice lump of cash
to weather the current financial storm.
2) If we have a big up tick in inflation due to all
the government spending with no way to pay for it in
site except printing money, your future income stream
will be worth a lot less. Selling your asset now allows
you to take the lump sum of cash and put it into non-dollar
denominated assets or precious metals to hedge your
bet.
3) With real estate prices predicted my many experts
to continue to drop, converting your mortgage note into
cash could eliminate the risk of the homeowner walking
from the property should the value of the home drop
below the mortgage balance. This is what has been termed
jingle mail, where the homeowner leaves the keys in
the mailbox and vacates the home.
4) Selling the mortgage eliminates all the administrative
tasks such as a) Monitoring the homeowners property
insurance to be sure it is paid and provides adequate
coverage of your asset (the note), b) Checking with
the tax office for liens and to be sure the homeowner
has paid their taxes so you don’t get a surprise
notice of a tax sale, and c) Monitoring the home’s
appearance (tell tale disrepair) for the possibility
that the homeowner has left and has rented it out to
a friend or relative.
Now, the negatives.
1) Those monthly checks cease to arrive in the mail.
2) If you deferred a gain on the sale of the home for
taxes, you may have to report the gains, net of the
discount on the sale of the mortgage.
3) And as touched on in number 2 above, you will have
to take a discount on the mortgage balance you sell
due to the time value of money and the inherent risk,
even if you only sell part of the future income stream.
The good news for this is due to interest rates being
so low, the discount will be the lowest so the price
you get is the highest in years.
As every note holder has differing financial circumstances,
this decision may be very easy or not so easy. However,
whether you decide to sell or not, knowing the facts
should make your decision much easier. Good luck.
