Responsibility, Not Risk When You Hold or Sell Notes
recent events have shown, some of the security promised by major banks
and investment houses wasn't everything it was cracked up to be. By
comparison, managing your own mortgage note can be safer, as long as
you're scrupulous about the legal and procedural aspects of drawing the
loan up, setting clear payment terms and choosing a borrower wisely.
Nobody Knew What They Were Selling:
The bad mortgages currently poisoning financial markets weren't sold in
a lot that was labeled "subprime." Instead, a mix of economists and
senior brokers designed complicated investment "products" using state
of the art software. As a result, bad mortgages were placed in
"tranches" alongside better ones as part of one big investment to make
them look safer. What this really did was spread the bad mortgages far
and wide under the cover of products with better ratings than they
deserved. The actual structure was complex enough that even now, people
are at a loss to explain what happened except in very general terms.
The Difference with Seller-Held Notes: More people than ever are waking up to the idea that they don't have to let a Markey ruled by "investment products" and "tranches" determine how they sell their own homes. That means taking responsibility for your own mortgage note: who borrows, and how. It may seem daunting, but the beauty of seller financing is that if you decide to simplify things, you don't have to deal with the institutional system to divest yourself of a note you don't want to hold anymore. If that's the case, and you'd like a straightforward payment out of your note, contact us for a Free Note Quote.
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