What Changes for the Payer?

"So if I sell my private mortgage note, what changes for the Payer?" This is a common question with a simple answer.  Nothing changes for the payer except where they mail the payment. When a note is sold, the terms of the note remain the same.  The payment amount, interest rate, and due dates remain the same. If there is a balloon payment or “bump” payments, they also remain the same.  An investor purchases the note “subject to” the terms and conditions of the note signed by the payer.   The … [Read more...]