Helpful Hints When Selling Your Loan
Be Realistic About the Value of the Property
If you sold the property between now and say 2005, there is a very strong chance it has dropped in value. The value of the home is a crucial component to the price of your loan. The magic question will be "What is it worth today!"
Keep Accurate & Detailed Records
We like to see proof that payments have been made on time. The better documentation you have to substantiate the pay history, the higher price you can get for your note & the easier it will be to sell your note. You should take time to photo copy the monthly payments, and even the envelopes in which they were sent. If they paid in cash, make a copy of the bank statements showing the deposits. This is a simple way to document receipt of your payments every month.
Don't Misplace the Original Note or Mortgage
Never give anyone your originals. Make copies, while keeping the originals in a safe place.
