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It depends on your state. In California Realtors and Loan Officers use the same license to sell R/E and do loans. So I can sell a home and do the loan for the same property. However it's not ethical for a Realtor in California to negotiate terms of a mortgage note if they don't have the proper training or experience. Realtors should leave financing questions and negotiating up to the Loan Officer. Loan Officers don't typically give negotiating advice to their clients when it comes to buying or selling a home we leave that to Realtors. However again, some Realtors used to be Loan Officers, and some Loan Officers used to be Realtors so it can be acceptable in some cases in California.
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How can I buy an existing mortgage note?
To buy an existing mortgage note all you need to do is contact the note holder / lender and see if they are interested in selling. You would then come to terms on a purchase price for the mortgage note and set up a closing with a local title company. Insist on getting a lenders title policy as part of the transaction.
What are the terms of a chattel mortgage?
the buyer signs a promissory note, secured by the product, that constitutes a promise to repay the debt. The mortgage will typically contain an acceleration clause
Can you sell your house that you have only owned for one year?
Working as a mortgage loan officer for close to 20 years, typically selling the house you have purchased one year ago, with a high loan to value, will result in you taking a loss after paying realtor fees and other expenses. You should be able to still sell! However, if you have what is known as a hard pre-payment penalty in your note rider or mortgage, there will be the expense paid to the lender to pay off the mortgage early. This can range from 1% of the mortgage balance to up to 6 months worth of interest. If you have a soft pre-payment penalty, the lender does not charge you this penalty for selling the house, only if you refinance for different terms. Check your Mortgage and your Mortgage Note and if applicable, the Mortgage Note Rider. These documents should have been given to you at closing.
What is the difference between refinancing and a second mortgage?
Refinancing is re-assessing the terms of your current mortgage. You are capable of refinancing any loan at any time whether it is a home, auto or personal loan. A second mortgage is a mortgage in addition to your primary note. If you obtain a second mortgage you will be liable to pay two monthly mortgage payments.
Who holds the promissory note to my house when MERS takes over?
If your loan has been registered with the MERS System (Mortgage Electronic Registration System) you need to call (888) 679-6377 to find out who is your "servicer" of the loan.Your servicer is responsible for handling any/all questions about your mortgage loan. Your servicer is also responsible for collecting any/all payments.Your servicer, not the investor, is the only part who can negotiate terms of your loan with you.
Can your mortgage be taken over by your daughter at your death if you have this written in your Will?
You cannot control that option by your Will. The decision is up to the lender. Most lenders will allow an heir to assume the mortgage. You should review the terms of your note and mortgage. There may be a clause that addresses this issue. If not, call the lender and ask.
Is a note valid if not signed by mortgage lender?
Yes. The mortgage secures the debt. The note is simply a promise that you repay the money. If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed. If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
How many notes can a mortgage have?
A mortgage generally only has one note.
Where can you sell a mortgage note?
There are a few companies that will purchase mortgage notes but an individual can also sale a mortgage note to another individual. These companies include FNAC USA, Nicholas Dicaro, and The Mortgage Buyer.
Where can you buy mortgage notes?
One can purchase mortgage notes by getting in touch with an agent who specializes in mortgage notes. There are plenty of agents who can assist in the purchase of a mortgage note and advise on the best rates for a note.
Who are some companies that are buyers of mortgage notes?
A mortgage note is essentially a promissory note with the property concerned as a security for the loan. Companies that buy mortgage notes include the Texas Note Company, NCR Note Buyer as well as The Mortage Buyer, Inc.
Who has the note you signed when you granted a mortgage to buy your home?
The entity that owns your mortgage should also have possession of the note.The entity that owns your mortgage should also have possession of the note.The entity that owns your mortgage should also have possession of the note.The entity that owns your mortgage should also have possession of the note.
