real estate agents/brokers usually get a % of the price of the property for sale. They do not get any monthly payment/percentage from the mortgage.
Real estate agent usually get like 3-5% of the price of sale.
A number of companies purchase private mortgage notes. The Mortgage Buyer, Inc is one service which will purchase them after an appraisal and verification by the borrower. Brokers for mortgage notes includes Edward J Adams Mortgage Note Brokers, or the Note Marketplace website.
Mortgage notes can be readily bought from many note brokers around the world. These brokers can give you the potential of accessing better deals. Primarily, the purpose of these notes is to improve investment potential.
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.
A mortgage generally only has one note.
How to find mortgage notes online or else where? Check with the Register of Deeds in the county you are looking to find mortgage notes in. These are recorded as mortgages, trust deeds or land contracts in most states and they are a matter of public record. Some local offices have resources where you can do this research online. A good place to start of by doing a Google search for "property records" in the area you want to find mortgage notes in.
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.
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.
Note Buyers of America is a company that purchases notes from their customers. They purchase many types of notes including bank notes, mortgage notes, and many other kinds of notes.
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
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First position mortgage notes are a secure real estate contract that indicates an amount owed on a property. The position is an indicator of who has first rights of foreclosure should the payor default on the loan. In the private cash flow notes business most investors are interested in first position notes and second or other (3rd, 4th) position notes are not as valuable due to the risk involved of possibly losing the investment in a foreclosure situation. the lower position notes would have to pay off the first or stand to lose their investment entirely.
There can be if the reverse mortgage is guaranteed by HUD. One set would be executed by the lender, the other with HUD in case the lender goes under.