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Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec fringilla massa quis libero efficitur, a efficitur lectus dignissim. Morbi rutrum lectus purus, in aliquam mi consectetur sed. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Cras rutrum leo id tempus lobortis. Phasellus vestibulum nec nulla vitae imperdiet.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec fringilla massa quis libero efficitur, a efficitur lectus dignissim. Morbi rutrum lectus purus, in aliquam mi consectetur sed. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Cras rutrum leo id tempus lobortis. Phasellus vestibulum nec nulla vitae imperdiet.
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Donec fringilla massa quis libero efficitur, a efficitur lectus dignissim. Morbi rutrum lectus purus, in aliquam mi consectetur sed. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Cras rutrum leo id tempus lobortis. Phasellus vestibulum nec nulla vitae imperdiet.
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In the United States, a mortgage note (also known as a real estate lien note, borrower’s note) is a promissory note secured by a specified mortgage loan; it is a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise. While the mortgage deed or contract itself hypothecates or imposes a lien on the title to real property as security for a loan, the mortgage note states the amount of debt and the rate of interest and obligates the borrower, who signs the note, personally responsible for repayment
A mortgage is a document that encumbers the real property as security for the payment of a debt or other obligation. The term “mortgage” refers to the document that creates the lien on real estate and is recorded in the local office of deed records to provide notice of the lien secured by the creditor. The creditor or lender, also called either mortgagee (in a mortgage) or beneficiary (in a deed of trust), is the owner of the debt or other obligation secured by the mortgage. The debtor or borrower also called the mortgagor (in a mortgage) or obligor (in a deed of trust), is the person or entity who owes the debt or other obligation secured by the mortgage and owns the real property which is the subject of the loan. In almost all cases, the law of the state in which the property is located dictates whether a mortgage or deed of trust can be used. Although a deed of trust securing real property under a debt serves the same purpose and performs the same function as a mortgage, there are technical and substantive differences between the two. A deed of trust is executed by the debtor and property owner, to a disinterested third person identified as a trustee, who holds the ownership of the property in trust for the creditor; whereas, when a mortgage is used, title to the collateral remains in the debtor, and the mortgage creates a lien on the real estate in favor of the creditor. In some jurisdictions, the deed of trust enables the trustee to obtain possession of the real property without a foreclosure and sale, while others treat a deed of trust just like a mortgage. In the latter jurisdictions, the deed of trust is governed by the law applicable to mortgages. The deed of trust requires the trustee to reconvey the property back to the debtor when the debt has been paid in full. Assignment of the creditor’s interest does not result in a change of trustee; instead, only the note or other evidence of debt is transferred and the new owner of the loan acquires the prior lender’s beneficial interest in the trust.
Most notes are deemed salable if they have at least one of the following characteristics: Significant buyer equity Good payment history Payer has a good credit score The best way to know whether you can sell your note is by calling one of our representatives for a free, no-obligation quote.
The average sale takes two weeks to a month, depending on the complexity of the deal and what happens during the appraisal process. After that, the money is wired into your account the same or next business day. (When the funds are available may depend on your financial institution.)
Most notes are deemed salable if they have at least one of the following characteristics: Significant buyer equity Good payment history Payer has a good credit score The best way to know whether you can sell your note is by calling one of our representatives for a free, no-obligation quote.
Mortgage notes go by many names. Currently, we buy: Mortgage Notes Seller Financed Mortgage Notes Commercial Property Notes Real Estate Notes Contracts for Deed Land Contracts Balloon Notes Interest Only Notes Performing Notes If you are not sure your type of note is eligible to be sold, give us a call. We will look at any type of note you have to see whether a deal can be made, all at no cost to you.