Note ?
I know notes are bought and sold all the time. I am purchasing a property for investment. Would there be any benefit to sell the note? When would one sell a note? What implications are there? How is the mortgage paid when the note is sold? Who is the lein holder then? Can you still refi and get helocs on the property?
Thank you all for your help in clearing this up for me.
If you are buying a property you do not have a note for sale. The seller perhaps may have a note for sale if he finances part of the purchase price. If someone buys the note then you would be notified who to make the payments to. You could still borrow on the property unless the note states that you can not. The terms stay the same as the original note, nothing changes except the address and name of payee.
Usually notes are sold at a discount and the only benefit is to get the cash quick. Some note buyers also buy payments on the note for say 5 years and then the note holder starts getting payments again. You may check into this. I have heard of some sweet deals for all involved.
Hope this helps some
Ted Jr