A mortgage note is required if you have a mortgage. Seascape Capital understands that real estate financing can be complicated and confusing. However, we will help you navigate the process to make it easier and more beneficial. One of our most frequent questions is What is a Mortgage Note? This is the agreement that property owners sign when they take out a mortgage. The mortgage note outlines the amount borrowed, the terms and the duration of the loan.
If you want to know what a mortgage note is, then you need to understand that by signing a note, you legally obligate yourself to repay the money in the manner and at the time specified in the note . If you don’t, the note owner may be able to pursue legal action against you. This could include foreclosing on the property.
Sometimes, the note holder may be a large business, such as a lending institution or mortgage company. Other times, the note holder may be a private individual or party. If a property was owned-financed, the original property owner will have a note signed by the new owner. The original property owner will receive monthly payments from this new owner. This can be lucrative and profitable, but note holders may prefer to sell their notes and get rid of the responsibility that comes with being a note holder.
ELM Capital will assist you in this process. You may be interested to learn more about your legal options and how you can cash the mortgage note you are currently servicing. ELM Capital specializes in helping people with their mortgage note needs. To learn more about our services, you can reach us by email or phone.