- FINE POINTS
A. GENERAL INFORMATION, We are not acting as lenders or property buyers. We are strictly purchasers of property seller financed real estate paper. This includes notes, mortgages, trust deeds, land contracts, contracts for deeds and bonds for title. The paper must be in the first position and the payers must be current on their payments. Outside of non common situations which include inheritances, family trusts and powers of attorney, the stated note sellers must have previously been the legal property sellers (legally owned) or currently be in legal title for the related real estate property.
B. LOAN SERVICING, Most note buyers professionally service the mortgage loans they purchase. Thus, two of the benefits for the note payers are that their monthly payments are reported to the three major credit bureaus, and so they have an opportunity to increase their credit scores. Also, the note payers annually receive IRS tax form 1099s (mortgage interest) so they can deduct both the mortgage interest and real estate taxes on their yearly tax returns. Continue reading ‘Some Guidelines For a Successful Note Purchase’ »