Ok… this is ONE of the VIP tips that most note seller’s value the most. How to maximize your mortgage note’s value by simply keeping good payment records. Can’t get much easier than that can it?
Simply put, keeping a detailed, well-organized and legible payment record showing the date each payment was received, and a breakdown of the principal, interest and late charge for each amount received is important to maintaining the value of your mortgage note.
If you ever decide to sell your real estate note or contract for deed, you will be required to show the mortgage payment history to a prospective note buyer so the note buyer can verify the payment patterns of the note payor.
If the payments on a “seasoned” note, which is a note with a payment history over an extended period, have been made consistently on time, the value of the note will be greater than if the payments have been late or delinquent because the perceived risk of the note is lower.
Use the payment record sheet in the back of “The Note Holder’s Guide” to keep a record of your note payment history. If you don’t have it, click here to get the Mortgage Note Holder’s Guide. Also, make sure to print out an amortization table for your loan amount. Go to www.bankrate.com to obtain a printable amortization schedule.
Another good way to keep good record keeping of your mortgage note payment history is to use a mortgage servicer for your mortgage note. That way you’ll have a professional record of your mortgage note’s payment history. This is even better than keeping your own records so definitely consider that if you want to maximize your mortgage note’s value.
As you know by now, I’m a professional mortgage note buyer. If you’d like to sell a mortgage note, simply get in touch through the contact me page.
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