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In
today's world, just about everyone uses the internet for both
information and shopping. That's fine, but in dealing with
something of monetary value - such as the mortgage note that you hold,
it pays to be extra cautious.
Unfortunately, there are both good
and bad types in all businesses and in all industries. So, a few words
of caution when using the internet (or other sources) for getting a
Quote on the note you're considering selling:
Check out who you are dealing with, especially as to reputation. Some good sources are:
- Better Business Bureau ( www.bbb.org ) -This national database is best; you don't need to know the location.
- Rip Off Report ( www.ripoffreport.com ) - This site only shows negative information, if any.
Evaluate the quality of the Quote you're receiving.
- Be
wary of "bait and switch" tactics. The "highest" bid you initially
receive may not be a real (final) number - or the amount of money you
receive.
- Is the person you spoke with experienced, and knowledgable about the mortgage buying business ?
- Did they check the credit of the Payor(s) before quoting ? If not, there's a good chance the quote will change - downward.
- Did they quote you based on buying the next due payment, when there's isn't really time enough to do that ? (see "payment holdback" below also ).
Before formally accepting any bid, review or have your attorney review the ( Note Purchase ) Agreement sent to you, particularly as to:
- Penalty clauses - ours has none; some
are as high as 10% of the balance;
- Accrued interest to you through the
funding date - we pay this in almost all cases, many others don't;
- Payment holdback - If someone quotes
you a specific dollar amount on a Full Purchase (rather than as a percentage of the balance
as we do), they likely will withold a full payment if they "can't close on time". We believe that practice is
unethical and unfair to you.
American Funding Resources, Inc. is a corporation in Good Standing in the State of Florida, Division of Corporations.
Our current website has been up and in continuous operation since 2000. see About
Us
Contact
us today - You'll be glad you did !
Quote
Form
 American
Funding Resources, Inc.
Palm
Bay, Florida
Phone:
1- 800 - 939
- 1086 toll free Eastern time
website: www.americanfunding.net
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How
much is my
note
worth ?
Contact
us, for a
FREE
no obligation
Quote:
- or
Call:
1-800-939-1086
toll-free, Eastern time
What
We Don't Do -
Save Yourself Time !
Please:
Principals only
No Note Brokers / Finders
No 2nd Mortgages
No
Mortgages < $ 100,000
No MH or Row Homes
No Flips or Rehabs
No Simultaneous closings
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- Single family homes
- Multi-family
1-4 units
- Multi-family 5
+units
- Apartments
- Office / Retail
- Commercial
- Land
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