This document is recorded at the county level to prove you are the new legal owner.
Review the original Note and Deed of Trust. Ensure the "chain of assignment" is unbroken.
A physical attachment to the original note signed by the bank to transfer ownership to you. how to buy a mortgage note from the bank
Large banks (Chase, BofA) rarely deal with individuals. Target smaller institutions:
Banks sell these notes to clean up their balance sheets or offload "non-performing" (delinquent) loans. 1. Find the Right Sellers This document is recorded at the county level
Buying a mortgage note means you are buying the , not the property . You become the lender, collecting monthly payments and holding the right to foreclose if the borrower stops paying.
Often hold their own "paper" rather than selling to the secondary market. A physical attachment to the original note signed
The contract governing the trade.