Am I going to pay taxes on that?
It all depends on your other income on the amount of taxes you will pay, and we are not accountants.
How long does the process take?
Time frame for this can be has short as 1 week, but the average is approximately 3 weeks, title work taking the longest time.
Do payers have to have good credit?
Not necessarily. Good credit helps, but we do not necessarily look at a credit score, but more at the trades, and also the proof of pay history.
What documents do I need to provide?
Note, Recorded Deed of Trust/Mortgage, HUD/Settlement Statement, Proof of Hazard/Homeowners Insurance (if structures are on property), proof of pay history (copies of checks, money orders, cashier’s checks or bank statements showing deposits), Title policy (if policy was purchased).
How does the process work?
The first thing is to get the info from your note and settlement statement. We take that info and calculate the pay price. That price is a net figure to you. Quotes are based on credit worthiness, or in some cases by proof of payments, either deposit slips or copies of money orders. If you…
Is anything going to change for my payers?
Nothing changes for the payor other than who they make their payment to.
What can I get for my note?
Depends on how u set up your note, term and interest rate equity, either through the down payment, seasoning or any improvements Credit worthiness of your payors.