We
help a lot of note holders in Florida as a FL
mortgage buyer. We buy nationwide and Florida
is one of our best states. We help mortgage note holders
sell a FL mortgage note. As Florida mortgage
note buyers we help you get top dollar for
selling your FL mortgage note. While many people
search for the term “Florida mortgage buyers”,
you aren’t technically selling a FL Mortgage.
The private Florida Mortgage you hold is the security
you transfer when selling a FL mortgage note for
its income stream.
Call
Today to get a quote to sell your FL mortgage note.
We are also FL commercial Mortgage Note buyers.
We are here 7 days a week at 1-877-655-5625.
Ask for Ron Stone. You can also
submit your quote request at the link below.
US
Mortgage Buyer, a U.S. Funding Solutions Website
Call
Today For Great Pricing or Just To Ask Questions
1-877-655-5625
Tips
For Private Mortgage Holders managing A Private Mortgage
Note
Many home sellers are having to act as the lender in
order to sell their home or investment property, creating
a financial asset they must manage and protect. However,
most private mortgage holders aren’t knowledgeable
about this process, leaving them exposed to a potentially
significant financial loss.
Below are some tips for private mortgage holders to
protect their valuable financial asset?
1. Verify that the mortgagor's property taxes are paid
current every year. If the borrower has not paid their
taxes, you could end up in the middle of a tax lien
fire sale. You would most likely want to avoid this
by paying the taxes.
2. Keep an eye on the buyer's property insurance to
be sure it is current. If the mortgagor has not paid
their homeowner's insurance, you should take out your
own policy and make the buyer pay for its cost each
month.
3. Once a year, review the mortgagor’s homeowner's
insurance coverage to be sure it is enough to cover
the mortgage and that you as the note holder are the
Mortgagee on the policy. This is critical in areas of
increasing house values.
4. Review the home from the street a couple of times
a year, looking for significant signs of disrepair.
Some mortgage holders have found out that the buyer
is not even living there any more and is renting the
home out to a friend or family member.
5. If the payor shows a pattern of late payments, check
to see if they are still employed. Consult your lawyer
before contacting their employer directly. Also, if
the buyer is self-employed, have a friend stop by their
business to be sure they are still in business and are
not having a going out of business sale. This is particularly
important if these uncertain economic times.
6. Go to the county courthouse to check the county tax
records once or twice a year for possible new liens
on the home. Leins could be for a second mortgage, which
may not be allowed per your mortgage agreement, or even
a state or federal tax lien.
7. If the buyer defaults on the loan, contact a qualified
real estate attorney immediately. Never try to work
something out between you and the mortgagor without
the advice of a real estate attorney.
8. Always, be on the lookout for a pattern of late payments
even if the mortgagor is not technically in default
of the loan. If you see such a pattern, immediately
research other potential problems covered above and
take necessary action.
9. Always keep detailed records of payments on the note,
including date of payment, check number, returned check
information, amortization schedule, etc. You will need
this in case of a dispute or a default as well as documentation
should you ever want to sell the note to a mortgage
buyer.
10. If you didn't purchase a title policy at closing,
you may want to purchase one now to cover your asset.
11. Lastly, if you are contemplating creating a mortgage
note to help sell your home, be sure and consult with
a professional mortgage buyer first so as to be sure
the terms allow you to get top dollar should you ever
need to sell a
note. And be sure you pull credit on the borrower.
If the buyer provides a report, be sure it is less than
30 days old and get a clean copy to be sure the report
has not been tampered with. Here are some FAQs on selling
a note.
The above tips not given as legal advice. Please consult
with a real estate attorney for all of your legal dealings.
Call
Today For Great Pricing or Just To Ask Questions
