Posted by Bud Branstetter on February 14, 2000 at 16:38:03:
What you will need is the original note. It will say how much payment for how long. Then you will find a source like American Note on the banner above. They can not only broker it for you but buy it. Part of that brokering process is to get an appraisal of the property to be sure there is the value there. Another part is mortgagee title insurance to be sure there are not other claims against the property ahead of your note. They would like the original closing papers on the note. Finally they will ask the payor to confirm that additional payments have not been made. They would like a history of payments made but I doubt the attorney has that. It may not be required if there is enough value in the property.
There are others that buy notes that will probably contact you. American should be in the ballpark of what it is worth. There are other sites that could get you quotes. Without more information if is not possible to give an estimate of it’s worth.