Valuing a note for sale
I have a note that I would like to sell. Help me arrive at a value. Here are the details
Original Note: $48,500, 8% interest, 30 years, secured by first lien on $70k property, typical note terms.
Date: 12/9/2009
Current Value: $41,505
Payments: $505.88/month includes $120/month escrow for insurance and property taxes, No payment missed, 3 payments late but not by more than 30 days.
Escrow: -$800 now but payment will be increased for negative balance and increased taxes/insurance.
My guess is its worth $55,340 valued at 6%