0
If you have a private note with a private individual then they may be willing to take a lump sum payment if they don't want to wait for the payments to come in over time. You would need to contact the note holder and discuss it with them and see if they are interested in selling at a discount. use the argument of a lump sum of money now that they can reinvest right away.
If your note is with a bank then there really is not anything you can do. You likely can't even get to the right person to present an offer but banks don't generally take discounted pay offs unless the loan has gone bad. If it does they would not be likely to take such a pay off from the original payor.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Can you foreclose a mortgage with a copy of the note?
No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.
Should husband and wife both be on mortgage?
The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.
How can you find out if your mortgage is insured by fannie may or Freddie mac?
FNMA & FHLMC are not insurers they buy mortgages in the secondary market. FNMA & FHLMC can "own" your mortgage but your mortgage would be insured by a "Private Mortgage Insurance" (PMI) Company.
Can you get a home equity loan after you are divorced but still on the mortgage?
If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.
Can someone with a mortgage get another mortgage to buy a second house?
If they have good credit and the ability to repay. Most people who own multiple homes have multiple mortgages.
If you are on a promissary note but not on the deed do you sign the mortgage?
If you are not on the deed then you don't own the property. If you don't own the property then you should not promise to pay the mortgage. A co-signer on a mortgage and promissory note is completely responsible for paying the mortgage. If the primary mortgagor (who in this case is the owner of the property) defaults on the mortgage the lender will go after the co-signer of the note for payment. A default will ruin your credit. If someone has asked you to sign their note and mortgage then you should require they execute a new deed with you as the co-owner of the property.
Can you foreclose a mortgage with a copy of the note?
No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.No. You can only foreclose a mortgage if you own it as evidenced by documentation that was recorded in the land records.
Should husband and wife both be on mortgage?
The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.The owners of the property must sign the mortgage. A party who is not an owner should not sign the note and mortgage since they would be taking responsibility for paying for property they do not own.
Is mortgage payments considered federal debt?
If you are speaking of your own mortgage, no.If you are speaking of your own mortgage, no.If you are speaking of your own mortgage, no.If you are speaking of your own mortgage, no.
What is the difference between a construction mortgage loan and a normal mortgage loan?
A normal mortgage is borrowing money to buy a house. A construction mortgage is when you own a house and borrow money against the house for repairs or renovations.
One person is on the deed and two people signed the note . Can the person on the deed sell the property without permission satisfy the mortgage and collect the proceeds?
Yes. A person who does not own the property but signs the note is simply a volunteer. They have volunteered to pay the mortgage if the primary borrower (the owner of the property) defaults. Signing a mortgage for property you don't own is a very bad decision.
Do you know where I can buy a mortgage calculator?
There is no need to buy a mortgage calculator as there are vast number of calculators that are readily available to you for free online. As a worst case, you should be able to build your own in excel.
Is it a good idea to buy a bank note for your own property from someone who has bought it from the bank?
That could be done. However, you should seek the assistance of an attorney to determine that the assignment of the note from the original lender to the person who claims to have bought it is bonafide. The assignment of the note and mortgage from the bank to the present holder should be in writing, with reference to the recording information of the mortgage and signed by an authorized bank officer. The note and mortgage should then be assigned to you in writing, and in a similar form, upon payment to that assignee. Both of the assignments should be recorded in the land records. The second assignment, to you, should extinguish the mortgage lien on your property if you are still the record owner of the property.
Where can somebody buy mortgage broker software?
Capterra and Mortcare sell mortgage broker software online. Many of the larger mortgage companies also have their own software that is only available to their agents.
Can you get a home equity loan after you are divorced but still on the mortgage?
If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.If you and your former spouse still own the property you can get an equity loan if both parties consent and both sign the note and mortgage.
How can you find out if your mortgage is insured by fannie may or Freddie mac?
FNMA & FHLMC are not insurers they buy mortgages in the secondary market. FNMA & FHLMC can "own" your mortgage but your mortgage would be insured by a "Private Mortgage Insurance" (PMI) Company.
Can someone with a mortgage get another mortgage to buy a second house?
If they have good credit and the ability to repay. Most people who own multiple homes have multiple mortgages.
