Posted by phil fernandez on April 03, 2000 at 14:15:29:
These note buyers are looking for the following :
1./ Steady empoyment
2./ How much of their own money they put down.
3./ Their credit
4./ The loan to value
5./ The collateral
You don’t ask the note buyers, they will tell you what they will pay you for a particular note. I have seen discounts, assuming its owner occuppied for as little as 94% - 95% of the face value of the note. However these small discounts are with good credit people with proper loan to value ratios.
The fact that your buyers do not have good credit will present a problem with these note buyers. They will either refuse to buy th note or discount it substantially.
A larger downpayment can negate some bad credit.
Contact John Milone at email@example.com
John has dealt with Wentworth before. I have not.