How do I sell a mortgage that I currently hold? How much would it be worth?
I currently Hold a mortgage for my parents. Since the time that I purchased their home for them and agreed to hold the mortgage, my husband passed away and I am left to care for our 2 year old daughter on my own. At this point I would prefer to sell the mortgage and get atleast our initial invest back into my bank account (for added security).
The principle is $ 186,000 – its a 15 year loan, with a 7% interest rate. (we are only 1 year into payments, and they have only paid interest up to this point). And we are located in NJ.
What are my options? Any advise or info would be GREATLY appreciated. Thank you!