Nebraska’s Top Mortgage Note Buyer

More than 17,000 Nebraskans live across the entire 77,358 square miles of the Great Plains states. A large number of these people live in Lincoln, Nebraska, which is the 16 th largest city in the United States. Many houses, building, mobile home, and vacant lots have been sold using owner financed loans. If you were part of one of those loan transactions, you might already know that a Nebraska mortgage buyer can purchase some or all of the monthly installments on a loan.

What Is A Note?

Let’s assume that Susan Smith wants to buy Bob Jones’ home. Instead of having Bob get a bank mortgage, the two decide to use an Owner Financing Agreement. They must agree on a purchase price, the down payment amount, and the monthly payments. A lawyer or title company would prepare the appropriate documentation such as the Promissory Note, Deeds of Title, and Closing Statement. Both parties would then execute these agreements.

Usually, Bob would pay off his mortgage loan at the beginning of each year. However, if he pays off the entire balance in one lump sum, he will own the house free and clear by the end of the year.

Finding a Nebraska Note Buyer

After Susie has gotten a few payments, she might think that she should get more cash right now to repay her debts, cover her expenses, or to invest in something else. She wants to know about various options, so she does research online, ensuring that she gets a good rating from the BBB, that they’re properly registered in at least one location, and that they’ve got a solid history of paying back loans. Because a loan can be worth a lot, she wants to be careful.

A good seller will explain the process and different options available for selling notes. For example, if the total outstanding balance is $80,00 but Susie only wants to receive $20,000, then she could decide to only accept partial payment instead of full payment.

Selling a Note

When Susie and the mortgage broker agree on a fair price for her mortgage, these steps would take place.

• The mortgage broker would send Susie an offer letter, which states what she has agreed upon, and a copy of the loan application form.
• She’d also need to provide her bank account number for deposit purposes.
• After Susie submits the requested items, the customer checks Bob’s credit score and reviews the documentation.
• If the seller doesn’t want to sell their property, they could hire an appraiser to come out and give them a free estimate. This usually takes between 1-2 weeks and is paid for by whoever hires the appraiser.
• After contacting a lender, the buyer would then need to wait for their loan approval before they could close on the house. It may take up to 2 weeks for the lender to give an answer, and if approved, the closing date would be set.
• Once all of the above steps are completed, the client would mail the signed and notarized documents back to Susie, who would then sign them and mail them back to the client.
• The bank would record the assignment with its own records, and send the funds to Susie via wire transfer. Bob would then be notified by the bank to start making his monthly payment to the bank.
• Seascape Capital is BBB accredited and has been in the mortgage industry since 2002.