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Selling a Mortgage

May 27, 2008  |  Difficulty: Easy

Path to mortage

Are you wrapped up into a mortgage note that has small payments? It’s possible that you are not satisfied with the level of income your mortgage note is giving you. Holding a mortgage can be a good thing, giving you a sizable supplementary income, but sometimes if you are holding only one, it doesn’t give you all that you need.

Do you know that you can sell your mortgage note?

It may sound a little odd, but there are lenders who avidly seek individuals who are selling a mortgage. It really is a profitable business. When a company holds a lot of mortgages at one time, they really do rake in the cash. 

Allowing a lender to “buy” your mortgage can be a financially sound decision. If you are in need of the monetary value of the note, selling might be a great choice for you. Before you consider selling, check to see if you are dealing with a trustworthy mortgage buyer. Also check if the transaction is of real benefit to you. Most lenders who look to buy mortgages will not give you the entire cash value of your note. Plus, there could be other fees that you need to be on the lookout for.

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