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What You May Not Know About Your Mortgage NoteFrederick Webb By now, many of you are already somewhat familiar with private mortgage notes and how they are used to help facilitate the sale of a property. You may also know that there is a whole industry out there where note investors are in the market to buy your mortgage note. There are many reasons why people create mortgage notes in the first place. They include helping a buyer who may not qualify for the full amount of the loan needed to buy the property or they may be a relative. Sometimes property sellers are willing to create mortgage notes because they help to move a property faster.They also can be an opportunity for the home seller to earn a higher interest rate than other investment vehicles. Sometimes, however, notes can go bad. There is always the risk involved for the property seller that unforeseen circumstances can cause the buyer the payor on the note to fall behind on payments or totally default on the note altogether. What do you do then What you may not know, however, is that when, and if, a mortgage note goes bad there may still options for you to sell it. There are investors out there who are looking for delinquent mortgage notes too. The number of investors who do buy delinquent mortgage notes are not as numerous as those who buy performing notes, but they do exist. There is help for you. The best thing to do if you are holding a note gone bad is to use the services of a note broker that has relationships with buyers of delinquent notes. No one can know the future nor can they control it but if you find yourself in a situation where a note you have created has gone or is going south, reach out. There is help for you and there is life after a note gone bad.
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Mortgage Prepayment Penalties - Just Say No One of the most common terms found in a new home loan is a prepayment penalty. This type of penalty says that if the borrower pays off the loan early, commonly during the first five years of the loan, then the borrower will be responsible for paying an additional amount of money, typically about six months interest on 80% of the mortgage balance. Sub-prime market loans will typically carry prepayment penalties more than standard mortgage loans. 10 Ways To Financial Freedom Use any of the 10 following ways to become financially free. In an informative article, find pro’s and con’s for taking any of the “10 routes” and practical advice for doing so. 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