Will A Mortgage Buyer Buy My Delinquent 1st Mortgage
Not just any mortgage buyer will will buy a delinquent private mortgage aka non-performing private mortgage. Just like any industry, many mortgage buyers specialize. Delinquent or non-performing mortgages require a special approach. For those mortgage note buyers that are buyers of non-performing private mortgages, they evaluate the mortgage note based on several things, including buy not limited to 1) How delinquent the mortgage is, 2) The net equity in the property, 3) The real estate market the property is in, 4) The ratio of the 2nd mortgage to the first mortgage (lower is more attractive to the mortgage buyer). So if you are looking to sell a private mortgage that is delinquent, be sure you contact a mortgage note buyer who specializes in non-performing mortgage notes so you get the best price and service.