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We Buy Mobile Homes
Creative Financial Solutions Offers Fast Cash for Mobile Homes in Michigan, Indiana, Ohio, Illinois and Wisconsin If you are a mobile home owner and need to sell for any reason, we are always in need of solid mobile homes. We buy homes that are 1990 or later model, have 3 bedrooms and are vinyl/shingle. If your home qualifies, call us today with your home details and to set an appointment. Call (269)353-9238 Part of our business here at CFS is to supply the community owners, dealers and brokers with quality, pre owned manufactured homes. Because of our relationships with lenders and other dealers and the volume of wholesale mobile homes we handle, we are able to offer better than competitive pricing and great service. Call (269)353-9238 to place your order. Look to Creative Financial Solutions when looking to sell or buy a mobile home in the Mid West. Since 1999 and still going strong! Happy Holidays Marc Faulkner www.MFGHOMEinfo.com Call (269)35-9238
How Much is a Seller Financed Real Estate Note Worth?
How much is a seller financed mortgage note worth? VALUE INCREASED VALUE DECREASED Equity position of 20% or more First mortgage 1-10 year maturities, or longer term amortization with balloon Good borrower credit Seasoned note with satisfactory payment history Mortgage payments current Market interest rate for risk involved Late charge provision in note Due on sale/right to approve Assumptor clause Financial statement on borrower First mortgage or large second mortgage relative to first Step rates which increase interest rate over time (not usual) Timber cutting clause on acreage properties Flood insurance required and maintained if property is in flood zone Professional note collection by third party Cross default clause in junior liens (default on first mortgage is grounds to default the second, even if current) Credit report on borrower available and up to date Reasonable sized mortgage compared to the property value Well written and structured note and Deed Release provisions Title insurance available and no exclusions Limited equity/Small down payments Second mortgage. These are often worth only 50% of the current balance due to the increased risk of total loss if there is a default on the first Long term fully amortizing obligations (no balloons) Bad borrower credit Unseasoned note or simultaneous closing Mortgage in default and/or in foreclosure Below Market interest rate for risk involved No late charge provision on the note No due on sale or Assumption/Approval right No Financial statement on borrower Large amount of debt senior to subject debt (on junior liens only) Fixed rate note No timber cutting clause on acreage properties Property in a flood zone without flood insurance Seller collects own payments No cross default clause in junior liens (default on first mortgage can mean second is wiped out and holder of second has no right to default the second, if it is current) No credit report on borrower and no right to pull one Small size note or contract Badly written note No title insurance Subordination clause that could force the note into lower priority In reducing order. Second home. Tenant occupied home, apartments, offices, warehouse, industrial land Get an Instant quote on your private mortgage note athttp://www.CreativeDundingService.comor Call(269)353-9238
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