If you are buying mortgage notes from banks or private sellers then you know sometimes those small pesky details can turn into big trouble. Recently a reader shared one of his note buyer stories of a "good deal gone bad." He was kind enough to let me share his story in hopes of saving others from a similar situation. After you read his story please head over to What … [Read more...] about Buying Mortgage Notes? Sometimes It’s The Little Things!
In an effort to hang on to homes in foreclosure many owners are telling banks to, “Show Me the Note!” It looks like Wall Street lenders are learning something private note buyers have known for years… When buying and selling mortgages or trust deeds you need to get the original promissory note! Put it in a safe place where it won’t get lost and make sure it comes with … [Read more...] about Note Buyers Demand Original Promissory Note
The Promissory Note is an important legal document that should be kept in a safe place, and here is why! The note is a promise to pay or IOU from the buyer, spelling out the amount and terms of repayment. In legal jargon it is known as a negotiable instrument. Similar to a check, the original must be presented to collect or prove ownership. If the seller desires to sell and … [Read more...] about Safekeeping the Original Promissory Note
Keeping an accurate record of the payments received on the promissory note shows how much the buyer still owes along with their payment habits. Plus, note sellers can also improve the value of their note by providing a verifiable payment history to the investor! … [Read more...] about Increase Value with Payment Histories