Short On Privately Held Note

Comments(5)

• 
  BAMZ24th November, 2003

  Hi Matthew,
  
  The Title Company is going to want a payoff letter. If you negotiated for less than the amount of the mortgage, you would simply have the PNH sign off on the reduced payoff.
  
  Instead of having your attorney proof the paper, it may be just as simple and cost them same for your attorney to write it up for you!
  
  Great job on the negotiation!
  
  BAMZ

• 
  myfrogger24th November, 2003

  I have limited legal knowlege but nonetheless feel I am capable of drawing up my own documents based on my own research and examples. Plus my attorney doesn't charge to review documents but charges outragous prices to prepare them.
  
  Thanks,
  Matthew
  
  If you are able to fax something that you are unable to post, please fax to 515-232-5688 (Moderators: Please delete this if it does not agree with the rules although I think this is allowed)

• 
  TheShortSalePro25th November, 2003

  In my experience with atypical transactions involving private note holders, your title company may want the
  payoff letter from the mortgagee to be notarized. Don't forget to project the amount of payoff thru the anticipated closing date, and a per diem rate if the transaction doesn't close on that date.
  
  Despite the mortgagee's consent to accept less, it's good to anticipate the title company's concerns to assure a smooth closing.

• 
  Tedjr25th November, 2003

  Just get the dude to write it on a piece of paper or napkin or toilet paper even, sign his name and fax it to the title company. He may add his phone number to help speed things up. Also have him give the date good until plus the interest due per day thereafter. Easy as pie
  
  Hope this helps some
  
  Ted Jr

• 
  InActive_Account25th November, 2003

  I presume this is a second mortgage. If not forget this message.
  
  Why not have the private noteholder just assign the note to you-if you're going to take the property subject to the first mortgage.
  
  All things considered, closing costs, PMI,debt service etc this alternative could be less costly.