Dr. Joseph M. Corrigan, founder of American Liberty Funding, advises that most people who sold a property and held a mortgage for the home buyer wrongly think that they must continue to hold the mortgage until it is paid in full. He says, "The truth is it can be sold by the note holder and the cash received in a lump sum."
He thinks it is more valuable to receive the lump sum payment than receiving payments each month over an extended period of time. "What the sellers collect each month they typically spend on daily living expenses," according to Corrigan. "By the time the mortgage is paid they have little to show for the sale of their property."
Selling the mortgage creates a lump sum of cash for sellers that accountants and financial planners can advise on how to invest it to get a greater return, he feels. "How you spend the money is your decision but having the money now is better and wiser than waiting years to collect it, " he says.
"That's just a financial truth that American Liberty Funding believes everyone should be more aware of. There's not even any assurance that people will live long enough to collect all the payments due them. Selling the mortgage or trust deed creates options where they didn't realize there were any. It becomes a windfall that can improve your quality of life and financial position."
American Liberty Funding, a Smithtown, New York company, specializes in the purchase of these private notes and mortgages nationwide. The company, which can be reached toll free at 877-445-7790, offers free quotes to anyone considering the sale of their- privately held-seller financed mortgage and will even pay the closing costs associated with the purchase of these mortgages.
Pat Rioux
