What is a Mortgage Note
A mortgage note is a type of promissory note showing the terms of an owner-financed sale of a property. The terms include the interest rate, duration of payments, payment amount, due date of first payment, what happens in case of a non-payment, etc. A mortgage note is sometimes called a real estate note, a deed of trust note, or simply a promissory note — they are basically the same for most purposes. A contract for deed is similar in most respects to a deed of trust or mortgage, though it is uncommon in most states. The note is the “I.O.U.” while the deed of trust or mortgage pledges the property as collateral for the sale.
Should I consider selling my note?
There are many reasons to consider selling — if you want to pay off existing debts, invest in a new opportunity, or even take a vacation, selling your note may be a good option. We can buy your note for cash based on the current value of the property and terms of the note.
Who Handles the Closing Process?
Nine times out of ten – the same Title Company that did your close when you sold the property will handle the close. This is done to expedite the close and ensure that YOU as the Seller and WE as Buyers are legally protected.
How long does it take to close and get funded?
It is mostly dependent on You – the Seller of the Note. Once the Seller presents ALL of the documentation requested and necessary to close and the Appraisal and Title Search is completed – we are ready to close and fund you the money. We have done closings in less than 2 weeks but – Honestly – you are looking at 3 to 4 weeks as the ‘normal” closing period. Don’t be fooled by Buyers offering a one to two weeks close – its not likely to happen.