JMAC Funding

JMAC Funding - We Buy Real Estate Notes

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FAQs: Frequently Asked Questions and answers for those selling or considering selling notes.

Q. Why should I sell my Mortgage that I am collecting payments on?

A. To raise quick sums of cash Individuals sell their mortgages, trust deeds, land contracts, or other Real Estate secured debt instruments that they are collecting payments on for a variety of reasons. These often include:

·         To raise cash to pay off other debts they owe which may be at higher interest rates

·         To invest in a business opportunity, Real Estate, or other ventures which can provide them a greater overall return & benefits than the mortgage they are collecting on

·         To settle an estate and/or provide for relatives who are unwilling or unable to service and collect the mortgage properly

·         Tax benefits

·         To free themselves from the worry and “bookkeeping” over the future collection on the mortgage. Checking payment collections, making sure to see if insurance is maintained on the property, or that Real Estate taxes are paid and current, etc.

·         Often Selling a mortgage and note will provide funds to invest in a diversified portfolio, thus providing greater security overall than a single note held against a single piece of property.

·         Peace of Mind- There is no foreclosure risk, no attorney fees, no risk of out of pocket payments for unpaid taxes or lapsed insurance, no payments on underlying liens you may still owe, and no risk of the property value being reduced due to the buyers negligence, or adverse market conditions

Q. Will I incur any “out of pocket” expenses to complete the transaction?

A.  Ordinarily not.

Q.  If I convert my mortgage to Cash, How will it affect the person(s) paying me?

A. It will not. All terms and conditions set forth in the original mortgage and note will remain in force. The only change will be to whom and where future payments will be sent.

Q. How long will it take to receive my funds?

A. Generally a few days if the file documentation is complete. Typically closings take place within 10-12 business days from the time a decision is made to move forward.

Q. Will I have to pay a commission or mortgage broker fees?

A. No, our firm is an investment company and not a broker. If we choose not to buy it, we can recommend brokers.

Q. Will I need to attend the closing?

A.  Not necessarily, the Escrow closing or Title Company can often close the transaction by sending out to you the closing paperwork for your signatures. When the documents are returned to the Title Company, they can then disburse the funds to you.

Q. How will I be paid?

A. Typically by Cashiers Check or if you prefer via wire transfer.

Q. What do I need to do to sell my mortgage (Trust Deed, Contract, etc.) note?

A. Call us or provide us with copies of some of the basic documentation and we will work with you to take care of everything else necessary in order to process, close, and fund your transaction as quickly as possible.

Q. How much cash will I receive for my Note and Mortgage if I sell?

A. Our purchase price will vary with the different types of collateral that exists, the quality of the Payors on the note, and general economic market conditions. The “discount” of the remaining principal balance owed varies according to the rate of interest and the remaining term on the note. Ever sensitive of the “discount” issue, we have experienced personnel that are always ready to assist you in discussing alternative ways to maximize the amount of cash you can obtain from the sale of your note.

Q. What is the actual procedure to sell my note?

A. Generally, we like to have some basic preliminary documentation that surrounds how the note was created submitted to our office. We will carefully review this documentation for accuracy, correctness, and legality. Then typically within 24 hours, we issue a formal written offer to purchase contract to you that will outline all of the terms of our purchase and stipulations that may be involved. If you accept our purchase terms, then you will return to us our commitment agreement and we will order a “spot” check appraisal and updated title work of the subject property. Once all of this information is received and reviewed we will make arrangements to forward a closing package with instructions out to the closing attorney or title company that will oversee the closing, recording, and funding of the transaction. Typically we will wire transfer funds to the closing agent the day of closing.


JMAC Funding
PO Box 91472, San Diego, CA  92169
(619) 846-1550 voice
(815) 572-5600 fax
©Copyright 2006 JMAC Funding

Licensed by the California Department of Real Estate, DRE# 01440161