September 24, 2017

Protect Your Mortgage Note With Current Taxes and Insurance

A buyer failing to make payments on the mortgage note isn't your only worry. Understandably, a buyer that stops making payments is a major concern when using owner financing. After all, a seller-financed note is a very valuable asset. Unfortunately many sellers fail to protect their asset when it comes to another area...verifying current property insurance and taxes.   Next to … [Read more...]

Safekeeping the Original Mortgage Note

Can you easily locate the original mortgage note? This important legal document should be kept in a safe place, and here is why! The promissory note is a promise to pay or IOU from the property buyer. It spells out the amount due 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 … [Read more...]