How Many Private Mortgage Notes Are There in The US?
This is an interesting question that I recently had a hit to my Private Mortgage Buyer website from. And while I don’t know an exact answer to this number, I would like to say this. There are millions of notes out there and millions more being added due to the horrific real estate market and unbelievably tight mortgage market. I see desperate home sellers every day issuing notes at rediculously low interest rates on private owner financed mortgages in order to sell a home quickly or commercial property. Also, being an ex-mortgage broker I continue to keep up with the goings on in the mortgage business and it’s not pretty. The banks have succeded in essentially putting all but the hardiest of mortgage brokers out of business through federal regulations that they don’t have to follow. Result: Consumers have less choices in who to go to for a mortgage. Pretty soon about the only choice for home buyers and owners to get a mortgage is to call one of the few “too big to fail” banks for a loan. And unfortunately, they often get a low paid clerk that either doesn’t understand all the loan options (FHA, USDA, Conventional, etc.) or has no incentive to close the loan. It’s a sad state of affairs.