An agreement modifying a loan agreement and mortgage should be signed by both parties to the transaction and recorded in the office of the register of deeds and mortgages where the original mortgage was recorded. This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
Mortgage notes for sale on Craigslist refer to the postings on the popular online classified advertising platform offering the opportunity to purchase mortgage notes. Mortgage notes are legal documents that represent the borrower's promise to repay a loan secured by real estate. These mortgage notes are often sold by private individuals or companies who hold the notes but wish to sell them to free up capital or for other reasons. Craigslist serves as a convenient platform for such offerings, connecting buyers and sellers directly without the need for intermediaries. When searching for mortgage notes for sale on Craigslist, you may come across various types of notes, including: 1. Performing Mortgage Notes: These are mortgage notes where borrowers are making regular timely payments on their loans as scheduled. Investors seeking reliable and steady cash flows often prefer performing notes. 2. Non-Performing Mortgage Notes: Non-performing notes refer to mortgages where the borrower has defaulted on their loan or fallen behind on payments. Investors interested in rehabilitating troubled assets or engaging in debt restructuring may search for non-performing notes. 3. Residential Mortgage Notes: Craigslist might have listings for mortgage notes tied to residential properties, such as single-family homes, condos, or townhouses. These notes pertain to loans secured by residential properties. 4. Commercial Mortgage Notes: Commercial mortgage notes involve loans secured by commercial real estate properties such as office buildings, retail spaces, or industrial properties. Buyers looking for investment opportunities in the commercial sector might find relevant listings on Craigslist. 5. First Position Mortgage Notes: First position mortgage notes represent loans with a first priority lien on a property. In case of foreclosure, these notes have the highest claim to the property's value. Investors seeking lower risk might focus on first position notes. 6. Second Position Mortgage Notes: Second position mortgage notes hold a subordinate lien on a property, typically behind a first position note. These notes carry higher risk, but investors might be enticed by higher returns or potential equity gains. 7. Performing Notes with Balloon Payments: Some mortgage notes have a fixed term, often 5 or 10 years, where borrowers make regular payments during that period but have a large "balloon payment" due at the end. Investors seeking higher returns or the option to negotiate flexible terms might be attracted to these notes. When browsing through Craigslist for mortgage notes, it's crucial to thoroughly research potential opportunities, examine the terms and risk profiles, and consider seeking professional advice before making any investment decisions.
