Note for Sale: Re-Performing 2nd – Michigan For Sale

Reperforming 2nd mortgage with 204 Payments of $155.06 left, plus $1,388.76 in deferred arrears. Would like to sell 5 or 10 years of payments.


Note for sale, secured by single family home on 10+ acres in Glennie Michigan.  Note was acquired as a non-performing note and brought current and modified 09/2013.  Borrower passed shortly after modification, however heirs have maintained and paid on time since.

Asset:                                           Performing Note

Lien Position:                             2nd Position

Location:                                     Glennie Michigan

House Value:                              $80,000 to $100,000 estimated

Sr Lien Status:                           Current in 2013

Sr Lien Balance:                        $41,827 in 2013

Original Balance:                       $20,000 (at modification)

Interest Rate:                               7 %

Amortized:                                    240 Months

Payments Remaining:                 204

Monthly Payment:                        $155.06

Unpaid Principle Balance:         $18,444.93

Deferred Arrears:                         $1,388.75 due at maturity

Note Matures:                                09/01/2023

If the borrower were to pay this loan off tomorrow, the total due would be $19,833.68.  Note that this is set up with the fee for the servicer paid by the borrower, so that is $18.50 a month expense the lender does not have to pay.

Will Sell Partial on this Note

120 Payments:  $10,807.75

180 Payments:  $12,919.84

Glennie, Michigan
For Sale
Property Type:

Additional Features

This is a reperforming 2nd Mortgage, not a house

Call 913-735-0018 for more details

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