You May Think You Have An Unsellable Private Mortgage, But You May Just Not

During the last few years a lot of private owner financed mortgages have been created in order to sell a house. Anxious property sellers did (and still do) just about anything to sell their home. As a result of the financial disaster, lending standards have gotten dramatically tighter pushing more and more home sellers into some form of owner financing. To this very day, these mortgage lending standards are still being tightened. Unfortunately, this results in even fewer and fewer prospective property buyers that can qualify for a traditional mortgage loan so it appears like the battered housing market will carry on for quite some time.

These enduring private mortgage holders often end up with a owner financed mortgage note that they think is unsellable. Among the types of private mortgage notes held by home sellers (and commercial real estate sellers) are a non-performing first mortgage, non-performing second mortgage note, an under-performing second mortgage note or even a third mortgage. Those private mortgage holders with under-performing private loans are often disturbed with their dealings with an un-cooperative purchaser that often makes payments just enough to give the private note holder some hope that things will turn around. They therefore continue to put off the nasty task of foreclosing.

Those private mortgage note holders who are holding a second or third mortgage note that is either non-performing, under-performing or semi-performing often times just throw their hands up believing their note is of no value. Unfortunately, that isn't true in a lot of situations. There are purchasers, believe it or not that specialize in purchasing 2nd mortgages and even non-performing second mortgages. And yes, there are even mortgage buyers who will pay cash for owner financed 3rd mortgages.

So if you are one of those private mortgage mortgage note holders with a difficult mortgage note, take heart there's a good chance you can sell that note for some much needed cash.

Ron Stone has a note buying business. His company buys mortgage notes and help home sellers offer owner financing to sell their home fast and for top dollar while selling the private mortgage note at a simultaneous closing. Learn more about note buying and selling at Sell My Note