All of us are focused on the Holidays and family this week and next. Rightly so.
But when January rolls around, and the bills start coming in, you may find yourself thinking about cash. More specifically, "I need cash. Where can I get some?"
My experience tells me you may look at that note you are holding as the best source for the cash you need. My experience also tells me that you might be just a little disorganized in your paperwork. Like, "Where did I put that note? I know it's here somewhere."
You have company. So, let me help a little. Before you speak to me or anyone else about selling your note, get a file and make sure you have the following copies in it:
1. Note
2. Recorded Deed of Trust
3. Closing Statement
4. Documented Payment History(at least last 12 months)
5. Title Policy
6. Fire Insurance Policy with YOU as Loss Payee
7. Your borrower's full name, employer, phone, social security number.
These are the minimum documents you will provide when you sell your note, so be prepared early.
Also, whether you are ready to sell or not, I have a 30 page pamphlet that can help you. The Note Owner's Manual, Everything You Need to Know about Buying, Owning and Selling Privately Held Mortgages, can help you get and stay organized. Just email or call me with your name and address and I will get it out to you. You will have some interesting reading over the Christmas Holiday!
Thank you for being a reader of this Newsletter. If you have friends who own notes, please forward it to them. They will thank you.
Merry Christmas and Happy New Year to you and your family.
Regards,
Denny Stanz
760-245-5366
760-245-5367 fax
dennystanz@verizon.net
www.CaliforniaNoteBuyerLLC.com
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