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Follow on Google News | Mortgage Note Sale Helps Family Save Home From ForeclosureCalifornia family Facing foreclosure on their home learns they had the means to stop it all along. By selling the privately held mortgage note created in the seller financed sale of their prior home they have saved their home and secured their future
By: PSR Note-ability When the company Jeffrey Wright works for began downsizing and he was forced to take a cut in pay through a reduction in hours. The Wrights knew immediately their financial future was in jeopardy. Without additional work available for either Jeffrey or his wife Karen it wasn’t long before theirs savings began to shrink. Even though they had an additional $550.00 per month income from the house they sold and carried the financing on prior to moving into this new home, Jeffrey’s reduced pay was causing them to use up all their savings. Once the savings were gone the bills and mortgage payments began arriving later and later. They did all the downsizing they could and still there just wasn’t enough money to go around. They fell one month, then two, then finally three months behind on their mortgage. When they received a notice from their lender informing them they were in foreclosure and now had only three more months to make up the full amount they fallen behind, the Wrights had no idea what they would do. Three months was not a long time and with the amount due growing larger as time passed they had finally relegated themselves to the idea of losing their home and having to move. Until one afternoon the phone rang and this gentleman said he was a buyer of privately held mortgages created from a seller financed sale of real estate. At first the Wrights didn’t understand what he meant since they had no idea the mortgage note they created and was collecting monthly payments on was actually a financial instrument which they could sell. They had never heard of this before. After confirming what they had was exactly what this man was talking about they of course wanted to know more. Once he explained the process to them the light at the end of the tunnel suddenly came into view and they proceeded to give him the information he needed to evaluate their note. After three days passed this gentleman called back and made them an offer to purchase their mortgage note. They knew instantly their troubles were over and immediately accepted his offer. Seventeen days later they had a check in hand for $62,000 which they immediately deposited into the bank and sent their mortgage company a check for the full amount they had fallen behind. With $38,000 still in the bank after catching up on all their past due bills the Wrights have been able to stay abreast of their situation and began negotiating with their lender for a loan modification. Four months have passed and although they now have less than $38,000 in the bank Jeffrey’s company where he works is showing signs of improvement and his hours have been restored. In a couple more months they anticipate the finalization of their loan mod and having their monthly payments become affordable once again. Their thinking if they still a have a large amount of money left they will take the kids to Disney World and celebrate their miraculous come back from their seemingly insurmountable situation. If this story sounds familiar for you or someone you know, the same amazing outcome may be possible. # # # About PSR note-Ability. PSR Note-Ability is a leading buyer and seller of privately held Mortgage Notes and Trust Deeds created from a seller financed sale of Real Estate or a Business. Providing fast cash for future payments scheduled to be collected. PSR Note-Ability has been helping clients collecting payments to sell all or just part of those payments to raise the capital they need since 2003. Providing professional and confidential service they offer 100% Free, No Obligation evaluations to all their clients looking to sell a Mortgage Note or Trust Deed secured by Real Estate. They can also help Real Estate investors to sell more property by incorporating Seller Financing and Mortgage Note sale strategies into their business, bringing in more potential buyers in this tough economy when traditional financing can difficult to secure. Even if they're not ready to sell informed consumers contact PSR Note-Ability to keep up with the current market value on their notes. End
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