The Most Trusted New Jersey Note Investor

The Garden States’ population density is among the highest in the country at 8722 square feet per person. Many of the residential and commercial property sales in the Garden States have used owner financed mortgages and a note for sale to an investor who then resells them to investors. Some of those mortgages were later sold to a note investor.

The Basics

A mortgagor (the borrower) signs a promissory obligation for the payment of an agreed sum of money called principal; a promise by the mortgagor to pay interest at specified intervals during the life of the loan; and a condition that if the mortgagor fails to pay any part of the debt, the lender may sell the mortgaged premises.The original note amountInterest rateLength in yearsWhen payments startThe amount of the payments

The key document in any real estate deal is the contract. Make sure you hire an experienced lawyer to draft the contract for you.

After all the contracts have been signed, the owner has full legal rights to the house. But just like when buying a car, the owner must pay for insurance and maintain the vehicle. If he or her doesn’t keep up with these obligations, the owner risks losing his or her legal right to own the house.

Seller’s Choice

When the owner sells their house, the buyer may be able to obtain financing from a bank. However, if the buyer cannot afford to pay back the loan, the owner could lose their investment. Also, when the owner sells the house, there is always risk involved; for example, the house might not sell at its asking price.A late payment or an outright default by the buyersBuyer not keeping up their property insuranceThe buyer not keeping up with the tax billsBad upkeep of the property, meaning a lower value and weaker security.

Selling the mortgage notes can be beneficial for several different situations, including when the owner is cash-poor, has unpaid bills, or is getting older.

Selling a Note

To get instant money out of your notes, call a NJ loan company like Seascape Capital today. They’ll help you figure out how much you’re owed, what kind of payment plan works best for you, and they’ll also provide you with a list of qualified investors who specialize in buying bad debt. Once you’ve found an interested buyer, you’ll receive a quick response within 24 hours. You’ll know exactly how much you can expect to receive upfront, and you won’t have to worry about paying any fees until after the sale.

Selling notes almost always involves these stages:

• Finding a buyerThe buyer agrees on a purchase offer for the loan at a lower value than its current outstanding balance.

• Investors will send the note holder a written agreement outlining what was agreed upon and requesting copies of any relevant documents.

• Once the contract has been finalized and the investment funds have been transferred into the account of the company, the credit check will be carried out.

• A real estate agent will typically request an inspection of the property before they list it for sale.

• Next, an investor will have a local lender verify if there are any outstanding loans against the house.

• These steps each take 5-10 days.After completing the above tasks, assignments will be assigned to the student who has been selected by the instructor.

• They will then sign off on those assignments and send them back with some of the original papers.The bank wire transfers the money from the note investor’s account to the note owner’s account.

ELM Capital Inc. has an A+ rating with the BBB and is fully licensed. ELM has been successfully involved in the buying and selling of several New Jersey notes in the recent past, and looks forward working with you on the buying and selling of your New Jersey notes.