Posted by Michael Morrongiello on June 11, 2000 at 15:09:17:
If the payor credit profile, credit scores, employment, and stability are All strong, there may not need to be any seasoning of the note. However if there are some weaknesess in those areas, then collecting payments for 3-6 months might help.
TIP: I would recommend that you financed the “down payment” in the form a 2nd lien mortgage and note that would be seperate from the primary debt they must repay. This allows you greater flexibilty to deal with them and also the sale of the primary note later on.
To your success,