|
Frequently Asked Questions
|
|
|
How long will it take till I get the money?
|
|
|
Most uncomplicated deals will close in 4 to 5 weeks. If complications do arise, it may take a little longer.
|
|
|
|
The amount of cash you receive is determined by the size, length and terms in the documents you signed originally.
|
|
|
Why don't you pay the full remaining balance?
|
|
The new note holder is assuming some risks and costs you may not be aware of like: will payments continue to be made on time, will the property that secures the note keep its value, and there are costs associated with closing.
And you will be receiving a sum of money now, in place of a little each month for a long time. The new note holder has to wait for their money. (Which is more valuable to you NOW, a dollar today, or two dollars in 8 years?)
|
|
|
This is a second mortgage, are you still interested?
|
|
|
Yes. We will consider all or part of your privately held mortgage whether it is a first or second mortgage.
|
|
|
There is a balloon payment at the end, are you still interested?
|
|
|
Yes. We will consider all or part of your privately held mortgage whether it is a first or second mortgage and even if it includes a balloon payment.
|
|
|
What do you mean "consider all or part of" the mortgage?
|
|
|
We will try to structure the deal to meet your needs. If you want to sell enough payments to receive a certain dollar amount, or sell off a portion of each payment, or just the balloon. We will consider these positions.
|
|
|
What if I don't like the deal?
|
|
|
We have limits on how we can structure a deal. If we don't meet your needs with an acceptable deal, everyone just walks away. We are not going to force anything on you.
|
|
|
What if I change my mind and come back next month or next year?
|
|
|
We will still be here. Conditions may have changed slightly, but we will be glad to re-open negotiations.
|
|
|
What if the current owner sells the house?
|
|
|
Everyone gets paid their remaining contractual amount. If you sold your entire mortgage, we will have paid off your contractual amount. If you sold part of your mortgage, you will still receive a final pay off amount at closing.
|
|
|
Who keeps track of who owes who what?
|
|
|
When you sold the property and created the second mortgage, there were papers filed with the county that recorded "who owes who what". With our deal, we will create papers that will be filed with the county to record the new "who owes who what".
|
|
|
Why do we have to file papers?
|
|
|
We treat this like a regular real estate transaction (although the qualifing is not as strict) and go through some routine real estate closing procedures.
|
|
|
The guy I sold the house to didn't qualify then, does he have to qualify now?
|
|
|
In a sense yes. We may be putting up some serious money and we want to be assured that all terms are accurate and everything is as represented.
|
|
