Mortgage Note Buyer FAQs | Free Article 3

Tip 1:

Verify first that the insurance policy is issued for an amount that represents at least the full value of the amount still owed to you. And… Be sure that you are listed as a mortgagee, trustee or the first contract holder on the policy. This way, you will be entitled to the proceeds from any insurance claims ahead of the borrower.

If you ever do get a insurance cancellation notice, or for any reason find a property uninsured or underinsured, immediately contact the borrower regarding this breach and purchase your own insurance coverage until the problem is remedied.

Regarding taxes, you can determine if the taxes are current by calling the county with the property location.

A property can be sold for the amount of the back taxes…

…at a court auction, which is generally held, depending on your part of the country, once a month.

If a property is bought at a tax sale it is owned free-and-clear of all mortgages taxes, judgments, and liens against the property after the interest adding “buy back” grace period is over.

Tip 2:

Next to the legal description on your contract, write the parcel number (also known as the tax ID or SID well number) of the property used by tax authorities. This makes it easier to check to see if the taxes on the property have been properly paid by the purchaser each year.

To avoid late payments and an eventual sale of your property by the state for back taxes, make sure to check each year that the property taxes are being paid.

Tip 3:

If your borrower gets behind or defaults, this is your problem. Banks, credit unions and escrow companies do not assist you in the Collection of your payments. They merely provide a bookkeeping function (see the section at the bottom of this report entitled, "Selling All Or Part Of Your Mortgage Note, Trust Deed Or Land Contract For Big Cash" for ideas on how you can sell your contract for instant cash and never have to worry again about collecting payments owed on your land contract). Be polite, but insist on promptness of payments.

If you have a balloon payment, it is good to notify the borrower four to six months in advance before the balloon is due. This will give the borrower plenty of time to begin looking for a way to finance, or otherwise pay, the last, large payment.

Tip 4:

You should have a Payment Record Keeper and write the buyer's phone number in it, particularly if it is an unlisted number. The buyer's phone number is handy to have, in case you need to reach him or her on short notice. For example, if a payment is late, or if you would like the next payments sent to a summer address.

Tip 5:

It is a good idea to drive by the property that you sold on a regular basis to verify that the borrower is maintaining the premises. If you have moved out of state, have someone you know do this for you. Fundamental changes to, or deferred maintenance on, the building or in a property can seriously diminish the value of your loan, while improvements to the property (a new roof or new landscaping, for instance), can make payments far more likely to be on time than ever.

Tip 6:

In the case of default and legal action is required, a seller has the right to initiate foreclosure proceedings.

Find an attorney with experience in the area of real estate foreclosure. Also, because your attorney may be required to appear in court, it is best to hire one who lives near the property in question. This will save on paying for the attorney's travel time and other unnecessary expenses.

Declaring a loan to be in default and starting the foreclosure process is a serious matter, and should be handled by an attorney familiar with the laws of the state in which the property is located. The biggest mistake made by sellers in this area is 1. Trying to take matters into their own hands, and 2. Delaying the exercising of their rights.

Tip 7:

Selling All or Part of Your Mortgage, Trust Deed or Land Contract for Cash. The 24-7 Mortgage Note Buyers exists to help you create, sell and understand your mortgage notes, contracts for deed, trust deeds, and promissory notes, both residential and commercial.

There are many ways of getting cash from your contract. You can sell the whole mortgage note now, or if you need a smaller amount of money for some short-term goal, you can sell some payments now and then continue to collect monthly payments again in the future.

"Why would I want to sell my loan for immediate cash now?"
When you can convert all or part of your loan into cash, you gain several advantages, in addition to immediate cash: you do not have to worry about the payments you receive each month slipping away on life's little expenses, and you receive a substantial amount of cash now (enough to accomplish major goals). You do not have to worry about collecting monthly payments or servicing your contract; we handle all of that, so you don't have to worry about whether taxes and insurance premiums are being paid each year to protect your investment.

"How can I found out how much my mortgage note is worth?":
All you need to do is fill out our short online form here: “Mortgage Quote Sheet”, 24 hrs., 7 days a week.

It only takes you a few minutes and it is a free, no-hassle, no-obligation quote.
Click Here For Your Online Quote Request...

To meeting your cash wants and needs,

Kenneth & Kimberly Edwards
KE2 Global
The 24/7 Mortgage Note Buyers

P.S. Put this tip sheet next to your mortgage note for easy reference should you need it in the future; you never know what the future may bring.

P.P.S. A dollar is worth more today than it is tomorrow. If you would like to find out how many dollars you can get “today” just fill out the short no hassle no obligation online "Mortgage Quote Sheet" right now...

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Kenneth & Kimberly Edwards founders of The 24/7 Mortgage
Note Buyers. They are equipping note holders with the
information they need to get the largest bucket of cash
they can for selling their mortgage note.
==> http://www.247mortgagenotebuyer.com/quote.html

"7 Critical Tips You Must Know If You Have Owner Financed A Mortgage Note"