What To Do With Defaulted Mortgage Notes

Every homeowner and Investor alike who sells a property and carries financing have the same fear--Default!

With the recent economic downturn millions of homeowners have stopped paying on their mortgage notes--traditional and seller financed. 

What do you do when your buyer stops paying? You have 5 choices:
1) Do nothing and hope the person who owes you money will one day do the right thing and try to make it right. Don't hold your breath though.
2) You can continually harass your buyer in an attempt to collect the money they owe. This can become a tiresome routine which may also build animosity and create a potentially volatile situation that could produce property damage or worse yet personal injury.
3) You can pay for a collection agency to perform the same tasks from option #2. This can be an expensive proposition with a start up fee and a percentage of the take commission.
4) Of course you can always foreclose and take back the property. This can not only be expensive but also complicated and time consuming. The best way is to hire an attorney and we all know what that can cost. Doing it yourself can become quit a complicated hassle.
5) You can simply sell the the defaulted note, get some cash, and rid yourself of this dead end situation for good.

Of course you are going to take a steep discount from the face value of what is owed to you, but when you consider the alternatives and what cost you may incur there, this may be your best option. Let someone else take on all the headache that comes with defaulted paper.

No matter how old your note is or how long it has been since you last received a payment, we are very interested in possibly buying your defaulted mortgage notes. Call or email today for more information on how you can eliminate the hassles of the defaulted real estate mortgage notes you are holding.