Selling a mortgage

[a1handy]

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]

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.

 

[a1handy]

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?

 

[Steve-LevelUp]

That sounds like a debt broker. What kind of broker did you deal with? Was this a standard mortgage broker? A private mortgage broker?