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:
Evaluate the quality of the Quote you're receiving.
- 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.
Before formally accepting any bid, review or have your attorney review the ( Note Purchase ) Agreement sent to you, particularly as to:
- 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 ).
- 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 !
American Funding Resources, Inc.
Palm Bay, Florida
Phone: 1- 321 - 549 - 8410 Eastern time
How much is my
note worth ?
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- or Call: 1-321-549-8410 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
- Single family homes
- Multi-family 1-4 units
- Multi-family 5 units
- Office / Retail