DEED of TRUST ASSIGNMENT
Are you receiving monthly payments under a deed of trust?
If you have a need or desire to obtain a lump sum of cash, consider that the remaining payments promised to you under a DEED OF TRUST are an asset you own. As such, they are transferable to another party. They have a value on the market. You may download a free copy of this document from this site...and start looking for your buyer.
The newspaper usually lists several individuals or companies who are looking for assets such as yours for purchase. These are people with money to invest who prefer not to settle for the low interest rates offered by lending institutions. Gather up your information (such as address, legal description, last appraisal, amount owed, monthly payments, etc.) and call several of them.
You will find a difference in the prices offered, so it does pay to contact more than one. None will offer you the full face value of your remaining payments. They are, after all, assuming some risk when they buy your contract. And their reason for buying is to earn a good return on their investment.
Each will have a preferred method of calculating the price offered to you. Some discount by a set percentage. Some require a specific yield on their investment and will calculate the price to meet that yield percentage. Many will want to view the collateral securing the DEED OF TRUST before offering you a price. After all, there is always a chance of foreclosure, so they could end up owning that property.
A second reason to use the ASSIGNMENT OF DEED OF TRUST is to satisfy a debt. If you owe money at much higher rate of interest than you are receiving on your note, it might be wise to discount the note and offer it to your creditor in exchange for the money you owe. Even if the dollar amounts work out about the same with the discount, you will be free of the risk. If the person paying you fails to perform after this transfer, it will no longer be your problem. Make sure you have a written agreement stating that this Deed of Trust is payment in full for your debt.
To execute this document you will need your full legal description and the recording information from the Deed of Trust. You’ll also have to give proof, probably in the form of a title report, to show that you have the right to the payments, that this is a "first" deed of trust, and that there are no other liens to cloud the title. If it does happen to be a "second" you may still find a buyer, but the discount will be greater.
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