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