Selling a mortgage

Discussion in 'Off-Topic Lounge' started by a1handy, Nov 18, 2017.

  1. a1handy

    a1handy

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    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
     
    a1handy, Nov 18, 2017
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  2. a1handy

    Steve-LevelUp VIP Member

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    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.
     
    Steve-LevelUp, Nov 18, 2017
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  3. a1handy

    a1handy

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    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?
     
    a1handy, Nov 18, 2017
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  4. a1handy

    Steve-LevelUp VIP Member

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    That sounds like a debt broker. What kind of broker did you deal with? Was this a standard mortgage broker? A private mortgage broker?
     
    Steve-LevelUp, Nov 18, 2017
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