How Do You Sell A Second Mortgage?
Selling a second mortgage is an effective way to reduce the stress of a high-interest, high-risk loan. However, the business of selling a mortgage of any kind is fraught with danger, due to the number of schemes and scams that permeate the business. Investors who buy second mortgages are predominantly private investors, and the practice is also one that few people really know about. Fortunately, there is a way to find an investor with interest in buying your second mortgage. Gather all of your information. You must know exactly how much you owe on the home for both the first and second mortgages as well as how long you have left to pay. Also, have a current appraisal on hand, because this is key for selling your second mortgage. Look to the Nationwide Mortgage Licensing System (NMLS) for information on licensing standards in your state. In many states, like Indiana, the private investor must be a mortgage broker to buy your second mortgage. The Department of Financial Institutions in y
