Selling A Mobile Home Note
I've read some articles by different investors in mobile homes that talk about selling the note or parts of the note. How does that work? Do I still receive the checks then have to forward them? Do I become responsible to pay if the buyers stop paying? Lonnie Scruggs books are on their way and I can't wait so I apologize if these questions are answered in those.
I would like to know how to find mobile notes and how the procedures work?
Sincerely,
jocelyn456
Quote:
On 2003-08-31 18:57, bobberth wrote:
I've read some articles by different investors in mobile homes that talk about selling the note or parts of the note. How does that work? Do I still receive the checks then have to forward them? Do I become responsible to pay if the buyers stop paying? Lonnie Scruggs books are on their way and I can't wait so I apologize if these questions are answered in those.
The checks would be made to the buyer of the note. If you sold apartial, you would work out a collection effort to the buyer of the note. If you sell the note in full at a discount the buyer of the note owns it all, you are out of the equation. Lonnie's book doesn't go into the selling of notes. You should get Tin Can Alley by David Butler available at American Note Network.
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