Why should I sell my mortgage note or income stream?
If you enjoy receiving your periodic payments and do not need cash, then you probably do not want or need to sell your note.  But what if you are in need of immediate cash?  Many people find themselves in a situation where a lump sum of cash is either necessary or highly desirable...maybe to pay off bills, debts, taxes, divorce settlements, to start a new business, invest in a new project, pay for college, buy a new house, take a special vacation, or maybe buy that boat or vacation home you've always wanted.

Is selling my mortgage note or income stream legal?
ABSOLUTELY!  It is completely legal.  Corporations and wealthy individuals have been buying and selling mortgage (and other) notes for decades.  We work with a variety of funding sources nationwide who buy privately held mortgages and other notes.  Shore Financing will help you find the funding source that will pay you the maximum for your note or income stream.

Will this also work with brand new notes?
Yes!  This is known as a "Simultaneous Close" and is one of the fastest ways to sell a property and still get all your cash at closing!  To learn more about this approach to selling your property, please review  Temporary Seller Financing link and call us to discuss your needs.

Is selling my note like getting a loan?
NO!  It is not a loan.  You would be selling your note (or a portion of it) and there is no recourse to you for any reason. The cash provided to you is NOT paid back to the funder.

How much can I get for my note?
The current value of any note is generally based on the collateral securing the note (if any), the number of remaining payments, the interest rate (if any), and the credit worthiness of the party making payments to you.  Contact Shore Financing to discuss your note and get an idea of your note's value.

What happens if the mortgage payer defaults or is late making payments?
Since this is not a loan, the funding source assumes all risk for the entire note (or that portion you sell to them).  You have absolutely no responsibility or liability.  

What costs or fees would I, the seller, have?
In many cases, NONE!  Depending on the quality of the note, most costs including any legal fees, are paid by the funding source.  There may be no out-of-pocket costs to you, the mortgage/note seller, other than providing a title policy and current appraisal.  The amount offered and accepted by you, for your note, is the actual CASH amount you will receive at closing.

How long does it take to close the deal and receive the my cash?
The whole process is very simple and straight forward.  Once all the necessary documents have been examined, prepared, signed and are in place (i.e. due diligence), the transaction is concluded.  This usually takes between two to three weeks, sometimes even faster.  On the day of closing, the funding source, through the title company, will provide your lump-sum payment directly to you according to your instructions to them.

Should I talk to my attorney and CPA?
ABSOLUTELY!  You should talk to anyone you feel comfortable with, including your financial planner, CPA, tax advisor, banker, and/or attorney.  Feel free to have them contact us if they have any questions or concerns.