What Mortgage Holders Need to do to Make
Their Notes more Marketable
1) SAFE KEEP NOTE AND MORTAGE: Keep the original note and mortgage in a safe place. Two possibilities for safekeeping. Either a home safe or a safe deposit box at your local bank
2) MAINTAIN GOOD RECORD KEEPING: Keep good records of the pay history. Either keep a copy of check before you deposit it or deposit check by itself in your checking account. Do not co-mingle the deposit with other checks you may receive
3) KNOW THE CREDIT SCORES OF NEW BUYERS: When you took back the note, find out what the credit score of the new buyer or buyers are? Obtain their social security numbers. Remember you are extending credit, you have a right to now.
4) KNOW WHAT YOUR NEW BUYERS DO FOR A LIVING: Know the occupation or occupations of the new buyers. You should know where they work and what their work numbers are.
5) MAKE SURE YOU ARE LISTED ON THE NEW BUYER’S HOMEOWNER’S POLICY: Your name should be listed as first or second mortgage holder on the insurance policy
6) HAVE YOUR SALE CLOSED THROUGH A TITLE COMPANY OR ATTORNEY: Make sure the sale of your home with owner financing is closed through either a title company or an attorney. Never try to do the contracts for your sale without seeking proper advice from an attorney or title company.
7) RETAIN A COPY OF THE DOWN PAYMENT CHECK: Make sure you obtain a copy of the check that was issued for the down payment from your new buyers. Also make sure you
Obtain a Hud-1 closing statement that lists all the closing charges on a settlement statement.
8) GET THE CONTACT INFO ON YOUR NEW BUYERS: Make sure you have the new buyers’ home phone and cell number. It probably is also a good idea to have their work number and email address as well.
Post Comments: When you sold your property and took back a note for part of the sale, it probably did not occur to you at the time you might want to sell the note. By keeping accurate records of pay history, having all your contact info on the new buyer, keeping your closing documents in a safe place and knowing the credit score or social security numbers of buyers would go a long way to insure the marketability of your note.
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