Selling a mortgage


Joined
Nov 18, 2017
Messages
4
Reaction score
0
Country
United States
I recently inherited a mortgage note from my father's estate. There is nothing in the note that allows me to call the note unless the mortgage payments are late. I have contacted a broker about buying the note but I will lose thousands. The note is for 30 years with 267 months remaining. The holders have never been late. What other options do I have to get a lump sum payment
 

Steve-LevelUp

VIP Member
Joined
Jul 18, 2016
Messages
308
Reaction score
42
Country
Canada
The broker is really the expert here. Anyone buying the note from you will require that you provide a discount and someone has to pay fees. I expect the thousands are the legal fees to re-structure the note. Unfortunately, you will 'lose' money, but please keep your perspective.

You currently receive $1,000 a month, or you can receive $280,000 now, and forgo the $1,000 a month going forward. So, how badly do you want the money up front.
 
Ad

Advertisements

Joined
Nov 18, 2017
Messages
4
Reaction score
0
Country
United States
The interest rate on this mortgage is 4.7%. So far the best I have been offered is about 65% of the remaining principle. Do you have any suggestions of where I might look for someone reputable to assume this loan? Is there a way I can make the lenders to refinance if they have not violated the agreement?
 
Ad

Advertisements

Steve-LevelUp

VIP Member
Joined
Jul 18, 2016
Messages
308
Reaction score
42
Country
Canada
That sounds like a debt broker. What kind of broker did you deal with? Was this a standard mortgage broker? A private mortgage broker?
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Top