Selling a Mortgage Note to a Private investor
Hey guys.... i wrote a note and mortgage on a property 4 years ago. We are going to b moving out of the area and one of our friends are interested in the note. What is the best process for transferring the note and mortgage to him ? Basically i am looking for the paper work side of it and thinking i could just assign but am finding no info . tks
Most Popular Reply
Pretty much what @Ronald Rohde and @Rick Pozos said. Find a lawyer in the state where the property is located because the statutes are state-specific. Don't get just anything off the internet. There's usually (in Texas) a contract for the purchase/sale of note/lien, the assignment of note/lien that's recorded, and the alonge (with or without recourse) to the note. You must deliver the wet-ink note to the buyer along with copies of all the rest.