Can You Sell A Second Mortgage or Sell a Third Mortgage?
There are a lot of private second mortgages and private third mortgages out there that were created during the heyday of mortgages. Many 2nd and 3rd mortgages were a result of 80/10/10 mortgage loans, 80/20 loans and 80/10 loans. The loan combinations were almost endless. But the bottom line is there are a lot of private 2nd and 3rd mortgage loans out there that the 2nd note holder and 3rd note holder would like to turn into cash. What is surprising to many private second mortgage and third mortgage holders is there is a market for these private mortgages. As a matter of fact, there are a few investors who specialize in buying second mortgages as well as buying 3rd mortgages. So if you took on one of these private 2nd or 3rd mortgages in order to sell a home of commercial property, you have a marketable asset. Just be sure if you are a seller second mortgage that you deal with a mortgage note buyer who is a second mortgage specialists. The same goes for third mortgage buyers. This goes double for selling a non-performing second mortgage or selling an under-performing or slow paying second mortgage.