How Do I Hold A Note?
it seems a lot of gurus talk alot about seller financing but they dont lay out the actual steps involved. what forms would i need to hold a note on a house i am selling. i want the transaction to look as bank like as possible
can i just print out the fannie/freddie uniform note and mortgage and fill in the blanks?
Does just the mortgage get recorded or the note too?
What other forms and disclosures do i need to give to the borrower so i stay out of trouble?
Do i need to send certain forms every year to the borrower?
How about tracking payments and delinquencies as they are recieved any good programs for that?
Any good courses out there?
Sorry for so many questions just want to learn as much as possible hope this will help others as well. Thanks.
If the standard Fannie mortgage works then use that or search Google for others. Make sure you read and understand what you offer. You might need HUD form and others. It all depends on how you want to structure it so. Call a closing company in your area and ask them or a real estate attorney or whicever is applicable
The mortgage is the note so if say you file the mortgage papers with the county recorder then that is recording the note.
The mortgage with all terms and conditions clearly outlined is what they need.
You will need to send them the yearly interest statement.
You can use www.circlelending.com for servicing if you do not want to be bothered.