Mortgage Selling Process- The most common steps involved in selling a mortgage in chronological order:

Obtaining an Initial Quote for Selling a Mortgage-

• Contact a reputable mortgage buyer to request a quote on selling a mortgage. Be sure the mortgage buyer is a) Professional, b) Curteous, c) Available or returns calls promptly, d) Sounds like they know what they are doing and e) Doesn't use high pressure sales tactics.
• Don't be shy about asking questions. If the mortgage buyer sounds uneasy or worse yet irritated by your questions, move on.
• When selling a mortgage, be prepared to provide the mortgage note buyer with the following (Have this information at your finger tips when you call.):
  • The Date the property was purchased
  • The Purchase price
  • The Amount of Down Payment
  • The Date of the First Payment
  • The Amortization period on the note
  • The Baloon date if there is one
  • The Monthly Payment Amount
  • Credit Scores on all Borrowers
  • Whether you have documents proving when all payments were made
  • The Number of Payments remaining (Easily calculated)
  • The Current Mortgage Balance (A good mortgage buyer can calculate this for you if need be.)
  • The Type of Property
  • Whether the property is Owner Occupied or not
  • The Mortgage Instrument Type (Deed of Trust, Mortgage, Land Contract, Contract for Deed, etc.)
  • Do you have a Title Policy
  • Your best estimate (Be realistic) of the property's current value
  • What your goals are, i.e. All Cash for the entire note, Sell a portion of the note, Sell some of the payments.
  • Any special information that the mortgage buyer might want to know about the property
  • Your Contact information

For more information on why sell a note, see our sell a note page or for information on the process of selling a mortgage note, see selling mortgage.

Call 7 Days A Week For Great Pricing! You'll Be Glad You Did.

1-877-655-5625

Once You receive A Quote for Selling a Mortgage that is acceptable to you, following are a list of documents you will typically need to provide a mortgage buyer.

• A Copy of the original note with signatures
• A Copy of the settlement statement (Form HUD-1)
• An amortization schedule (reflecting each payment if possible)
• An old appraisal if you have one
• Borrower information in order to pull credit (For some mortgage buyers, this will be included in part 1 above in order to receive a quote)
• A copy of your title insurance policy if you paid for one
• Proof of all payments made by the borrower
  

For information on how a notes buyer prices a mortgage, go to notes buyer. For questions, visit our home page for our toll free number at sell my note.

Call 7 Days A Week For Great Pricing! You'll Be Glad You Did.

1-877-655-5625