Private Residential Mortgage Note: Get the Best Deal
A mortgage note is a promissory note also called the real estate lien note which ensures the borrower is obliged to pay back a specific sum of money along with the interest within a given period of time. Private Residential Mortgage Note In a residential mortgage, the borrower hands over his or her house (either partial or full) to provide security for the loan that it takes from the bank. If the borrower fails to pay the debt back to the bank in due time, then the real property is sold by the bank to satisfy the debt. It is necessary to understand all the formalities and legal procedure of how to transfer a mortgage. Private residential mortgage note sometimes becomes a risk-taking job, if the borrower finds himself in the state where he/she feels of breaking the deeds of the trust agreement. The lender has to provide with a prior notice to the borrower before beginning with the foreclosure proceedings. Therefore, every benefit comes with a risk and one has to acknowled