There has never been a better time to sell a IL mortgage note or promissory note, so if you’re wondering “Can I sell a private mortgage in Chicago IL?” the answer is: you absolutely can!
Many private mortgage holders are looking to liquidate with all of the uncertainty in the current economic climate. With the current foreclosure moratoriums in place private mortgage holders in IL have been put into a difficult position.
Borrowers have very little incentive to pay their mortgage these days and mortgage holders have very little recourse if the borrower isn’t paying. Like most investors we had expected the foreclosure court system to resume normal operations after the local economy came out of the lockdown in early June.
However, we have watched as several more months have passed and the moratoriums have continued to be extended. At this point it is very likely the local government will continue to extend the current moratoriums but who really knows, right? With so much unknown risk at this point many private mortgage holders are considering selling their note. So let’s take a look at your options for selling a mortgage you own below.
Can I sell a private mortgage in Chicago?
Obviously you want to get the most you can for your mortgage note, promissory note, real estate note, or other similar real estate paper investment.
When it comes to maximizing your profit, timing is everything: Wait only a few days too long and the value of your IL real estate note could plummet because interest rates increased before you took action!
If you believe that interest rates are going to go up in the near future (and the Magic 8 Ball says, “All signs point to ‘Yes!’“) then you should consider selling all or part of your private mortgage or real estate note for cash.
Here’s the next step:
Determine the cash value of your private mortgage
The benefit of selling your private mortgage payments for cash is obvious.
Cash can be used to pay off debt, invest in other investments with a higher potential yield, or simply spend it on things you need, such as a home, cars, tuition payments, and so on.
Practically every mortgage note can be sold for cash – even those notes where the payments are not being made on a timely basis.
You can get a FREE “CASH OUT” QUOTE on your private mortgage by contacting Blue Ladder Development today at 630-387-6861 or by filling out the brief form on our website.
This makes selling your mortgage note for cash an especially attractive option if you are having collection problems or if you potentially are facing foreclosure on the property.
So, how can I sell a private mortgage in Chicago?
It’s never been easier. If you want to sell all or part of your private mortgage before interest rates go back up, now is an excellent time to do it.
If you are interested in learning more your options for selling all or part of your real estate note in Chicago, call us at 630-387-6861 or click here to learn more about your options and to get a fast-fair Quote on your Chicago IL mortgage note payments.