Copyright © 1999-2002
Seaside Equity
Associates, Inc.
All rights reserved.
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Mortgage Purchasing
How Can I Tell If My Mortgage is Saleable?
We first look at two variables, the Loan-to-Value (LTV) and the size
of the original mortgage relative to the total of all senior loans/liens.
Generally, the LTV should not exceed 75% on single family owned occupied homes,
70% on residential property, 60% on commercial property, and 50% or
less on unimproved land.
The total amount owing on all senior loans/liens should not exceed three
times the current balance of the original mortgage. For example, if you want to sell a
second mortgage of $50,000, the first mortgage should have a balance of
$150,000 or less.
How Much Can I Expect to Get for My Mortgage?
The terms of your mortgage or trust deed affect the amount. When you contact
us we'll review the information, determine the present day cash value and
prepare a FREE written evaluation for you.
How Long Will I Have to Wait for My Money?
The process usually takes four to six weeks, sooner if all the documentation
is readily available. Payment is made at closing when all documents have been
signed and recorded.
O.K. I'm Interested, How Do I Get Started?
Just call us at (732) 830-1657 or e-mail us. We will ask for some information and photocopies of the
mortgage related documents. Based on the details we will prepare a FREE
written evaluation for you. If acceptable to you, we will have the property
appraised, check the payer/owner's credit, order a title report and if all
checks out we will arrange for a closing at which time the funds can be
transferred to you.
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