Well, everyday has become an adventure in the lending business. A client who holds a mortgage on a multi-family called me frustrated with the real estate market. They are anxious for the owners to sell the home, so they can receive their money, in order to buy another investment.
So, they call me up and say: "Ann, I woke up at 3 AM and thought of a great new idea! I wish to sell my mortgage to someone and I will discount it so they will receive a higher interest rate!" The owners really do not wish to sell, but the lender wants out. The owners have proved they made timely payments over the past 6 years and the units are fully rented.
Does anyone know if this loan can be marketed somewhere? Has anyone else encountered this scenario?
Thank you for your input!
Ann Sabbagh
Vice-President
Seacoast Mortgage
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