I’m still a little new to this, so bear with me. Recently a friend of mine wanted to know if he could sell his mortgage for a sum amount of money, so I decided to start looking around for an answer for him. Surprisingly enough (or maybe not), there are services available to people out there that want to sell their mortgage to a third party buyer. As far as why you would want to do something like this? Well do you really have to even ask? Its money! Money that you can get lump sum and spend any which way you want to.
You don’t have to worry about legal fees, laws or anything else for that matter because this is completely legit and you won’t be the one paying the fees the third party buyer will be!! By locating someone willing to buy the note payments, the seller will have ready cash for a down payment or any other pressing financial need. So how can you do something like this? Well a few of the websites I found online was actually a sort of consultation service – which was free to the note holder. These consultation companies work with investors who are interested in purchasing your note (or your client’s note) from you so you can have the money you need.
This way, you don’t have to worry about late payments or non-payment any longer! Even if your mortgage rate is fixed at 30 years – you can still use this service. Think of it like this; say you win the lottery and your winnings say that you will get a check every month for $100,000 for 15 years – I don’t know about you, but I would rather just get ALL the money at once. You can actually sell the winnings to a company that will purchase it for a lump sum so YOU don’t have to wait 30 years to receive the whole shebang.
People all over the world take this kind of an option because it’s more beneficial to them; they get cash on the spot. This cash doesn’t have to be used for anything in particular or anything real estate related, it’s YOUR money so you can do whatever you want with it. You can sell your mortgage for a trust deed, use the liquidation option to sell the mortgage and in turn you will get cash flow notes. Sounds easy enough to me! The cool thing about this is that you the seller won’t be charged any fees – necessary or not.
The only person that will be paying for the fees is going to be the third party buyer, and the fees are going to get paid to the consultation service that finds you the buyer(s) for the sale on the mortgage. This really is an all around good option for everyone. Everyone gets what they want, no one gets scorned, and everyone leaves the situation happy as a lark! If you want to get rid of or sell your mortgage, this is going to be by far the best option for you, especially if you would like a lump sum of money and I don’t think I know anyone who wouldn’t be interested in this!
This Author is a huge fan of Get cash for your secured promissory note