Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
×
Try Pro Features for Free
Start your 7 day free trial. Pick markets, find deals, analyze and manage properties.
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: J S.

J S. has started 1 posts and replied 3 times.

Thanks, Jon! You've been very helpful!

Thanks for the response, Jon. The form of mortgage that was filed with the county contains the details of the loan, i.e. term, amount, and interest rate. If this info wasn't included, I would think we could just handle it with a new note. Can you think of any legal or IRS implications if we just go ahead with a new note? I did call the title company that handled the first transaction and, of course, they wanted a big fee to discharge the existing mortgage, prepare new docs and file with the county. Everything remains the same except for the principal amount and interest rate.

Thanks!

We financed the purchase of a home for our daughter. We are agreeable to refinancing the loan at a lower rate. The original mortgage was secured with a promissory note and a mortgage document filed with county. Can we handle the refinance with just a new note or do we have to discharge the existing mortgage and resubmit a new mortgage document for recording?

Thanks for your help!