One of the most useful services available to you if you have decided to sell a home or other piece of property while providing financing to the buyer on your own is a mortgage note buyer. A mortgage note buyer specializes in buying a portion or the entirety of the mortgage that you provided when you sold your property. Listed below are two reasons to sell your mortgage note.
Avoid Having To Play Banker
One of the worst parts about providing financing for someone to buy your home is that you end up having to take on a long list of tasks as you play banker. For example, you will be responsible for having to keep detailed records of every payment that you receive for both your tax purposes and those of the person who you providing financing to. If you make a mistake on those records, you could end up losing money to fines from the IRS or face other regulatory issues.
In addition, once you provide that mortgage to someone, you will have to go through the hassle of making collection calls or hiring a collection agency if the person is unable to pay. However, if you sell the mortgage note to a service, all of that activity will be off your plate and become someone else's problem.
Get Access To Lump Sums Immediately
A major reason to sell your mortgage note is that it can be a fantastic way to get access to large sums of money whenever you need it. While a mortgage note can be a nice investment over time, it does not help a lot if you run into unexpected medical bills or need to purchase something expensive as you cannot request that the person you financed make his or her mortgage payments early or in advance. In that situation, you can choose to sell the entire mortgage to a mortgage note buyer and receive immediate cash, although the amount that you receive will be lower than if you collected monthly payments on the mortgage for the life of the loan.
However, if you do not want to sell the entire mortgage, a mortgage note buyer is also willing to buy a portion of the note. For example, you could choose to sell several months or years of the note to the mortgage note buyer in exchange for an immediate lump sum payment. This allows you to get cash quickly while also maintaining a long-term investment as you will begin collecting money from the mortgage note again once the mortgage note buyer's purchased portion of the mortgage has concluded.
Contact a mortgage note buyer like Nine Tails Inc. in order to discuss the many ways in which he or she may be able to assist you. A mortgage note buyer can help you avoid the inconveniences of playing banker while also providing you with access to immediate lump sums of cash.Share