NSC Buys Note Others Would Not — Saves Dad’s Home!
A.C. came to Nationwide Secured Capital (NSC) with a note that he had created on sale of a commercial property in Houston for property that he had previously owned with his father. His father had now fallen badly behind on payments on his home, and A.C. wanted to sell their mortgage note in order to keep his father in his home.
The note had several challenges, that only an experienced company like Nationwide with the right experts can handle and address.
- 3 other companies made higher offers, then canceled their purchases with A.C . because the loan balance was higher than the current low value of the property – the loan was badly “underwater”. Where other companies canceled – NSC buys more, based on a careful look at the property and borrower.
- additionally, there were serious title issues – the property had been subdivided from an adjacent property many years ago, necessitating an easement to the adjacent property for encroachment on to this property of a building — upon insistence of the title company doing a closing statement for sale of the property the settlement included the address of the adjacent property that was not part of the sale. As a result, conflicting parcel ids and legal descriptions surfaced during title search (which had caused another company to cancel their offer. ) NSC buys more with title experts were able to understand, research and resolve these issues.
- finally , the buyer/borrower spoke only Spanish, was a cash payer who had absolutely NO credit and no scores with the credit bureaus, and he had outstanding delinquent taxes due on the property. While most note investors require satisfactory credit history and all taxes paid at time of purchase, NSC buys more – based on a careful look at the property and borrower, with fewer requirements like these.
NSC did its homework front, as it always does, and advised A.C. on these issues with his note and made offers that they knew could close – he and his father pursued other higher offers which were “quick quote” offers to buy the whole note that NSC advised could not pass underwriting and would not close for this note. Once those other offers lowered, lowered again, and then failed and canceled – there was very little time left to save his father’s home – Fortunately, NSC was able to address the all issues of the note and delivered the cash he needed in time to save his father’s home.
NSC expertise an end investor with in-house underwriters was key to providing a reliable offer and then clearing the issues to close this purchase with cash to A.C.
NSC BUYS MORE than other investors – and routinely provides cash out solutions for “underwater” and “low credit” loans that other investors will not buy, to noteholders who need to sell the mortgage note to pull cash for another investment or important personal need like A.C.
NSC underwriting researched and resolved the title issues and past errors. NSC has spanish speakers on staff, and worked with the buyer and seller to get the tax issues cleared and transfer of the loan with minimum confusion for the buyer – and urgently needed cash to the seller, A.C. – resulting yet another 5 Star Review for NSC from this seller.
“Thanks to Nationwide Secured Capital, they helped me keep my father in his home. They were very helpful, worked with me, explained everything that I didn’t understand, and as quickly as possible, when I didn’t have any other way to get some money. They were there to help – I am VERY GRATEFUL to the people of Nationwide!”
“Gene was there for me through thick and thin…I could not have asked for anyone better…he’s a really good guy. Great job.” [NSC was] honest, straightforward, gave me great advice, straight up, didn’t lie like the other person I was working with prior. …. Thank you…I appreciate everything you did, and mostly your patience – I know it wasn’t easy. You pulled through [for me].
THANK YOU FROM
A.C., HOUSTON TX”
