Archive for bank notes
Discount Bank Notes For Sale: How To Preach Without Notes.
Posted by: | CommentsDiscount Bank Notes For Sale
Learn The Fundamentals Of Preaching Without Notes With This System. You Will Learn How To Encode The Sermon Into Your Mind And How To Decode The Sermon In The Preaching Moment. You Will Ultimately Learn How To Stand Up Before Your People And Preach!
How To Preach Without Notes.
Discount Bank Notes For Sale: Note Trading Mechanics 101
Posted by: | CommentsNOTE TRADING MECHANICS 101
The current economy limits the number of BANK QUALIFIED POTENTIAL BUYER’S for real estate. This ads to the downward pressure of the achievable price for your PROPERTY FOR SALE. The simple solution for this dilemma is often overlooked by all parties to the transaction, VENDOR, PURCHASER, REAL ESTATE AGENT. The solution is VTB (VENDOR TAKE BACK), or a TRUST DEED this means the VENDOR holds a mortgage on his property for the balance of the price after the PURCHASER made his DOWN PAYMENT, example: PROPERTY VALUED AT $200,000, the purchaser has $80,000 for a DOWN PAYMENT, leaving a $120,000 balance to be financed. The VENDOR takes back a VTB for $120,000 for 5 years with a 25yr AMORTIZATION at a rate of 8% which translates into monthly payment of $926.18. The vendor wanting to cash out would offer the mortgage note at a discount to investors. The 8% return to the investor with a LTV(LOAN TO VALUE RATIO) of 60% security is quite attractive thereby netting $120,000. The vendor can sweeten the deal by DISCOUNTING the MORTGAGE to $110,890 and thereby giving the note purchaser a ROI(RETURN ON INVESTMENT) of 10%.
There is another possibility for the VENDOR of accessing a smaller lump sum of cash by just selling the 5 yr cash flow($926.18 x 60) and retaining the principal, this would yield the vendor of the first example $43,590.97 and still collect the REMAINING PRINCIPAL BALANCE OF $ 110,728.73 at the end of the 5yr term. The NOTE PURCHASER would receive the cash flow of $926.18 monthly for 5yrs($926.18 x 60) for a total of $55,570.77 with AN INCENTIVE of 10% ROI on the cash flow portion, buying it for $43,590.97.
The next step in the money chase is to find a buyer for your MORTGAGE NOTE. This can be achieved in several ways, contacting Real Estate Agents, Mortgage Brokers, or placing advertisement in your local papers, or doing research on the internet.
One of the ways to achieve the optimum price on your mortgage note is to deal directly with a buyer. This is a daunting task if you do not have any experience or contacts in this field. The solution to this is WWW.NOTETRADINGPOST.COM Where BUYERS and SELLERS can deal directly with each other.
If you are looking for a place to advertise your note for sale directly to potential purchasers or you wish to invest and deal directly with the NOTE VENDOR then your choice site is WWW.NOTETRADINGPOST.COM
It is a good starting point for both BUYERS and SELLERS to visit WWW.NOTETRADINGPOST.COM to get an overview of what is available in the REAL WORLD.
I have extensive background in Finance & Real Estate you can Email me with any questions. My Email: money@NoteTradingPost.com
or visit the site http://www.NoteTradingPost.com
Discount Bank Notes For Sale – Produce the Note: How to Save Your Home From Foreclosure
Posted by: | CommentsDiscount Bank Notes For Sale – Produce the Note: How to Save Your Home From Foreclosure
What is “produce the note”? Why is everyone talking about it? Does it apply to me? How can it help to save my home from foreclosure? All these questions will be addressed in this article.
What It Is: Produce the note is a defensive strategy that you can use to fight foreclosure and force the bank to prove that you owe it any money at all. In courts of law, the plaintiff has a “burden of proof”, meaning that it has to put forth evidence that shows everything it says is actually true. However, when the plaintiff makes claims that the defendant does not challenge, then the court usually accepts the Plaintiff’s claims on face value on the basis that you had a chance to contradict them and didn’t.
When you say “produce the note” what you are doing is challenging the bank’s assertion that you owe it money, that it has a mortgage on your house, and that it has the right to foreclose on you at all. One attorney has estimated that nearly 50% of mortgages have been lost or destroyed in the carnage of all the selling, pooling, servicing, tranching, and defrauding that went on in the years from 2001-2008 in the American Secondary Mortgage Market. 50-50 is pretty good odds of YOUR note coming up missing.
When Its Used:
Generally, during the discovery phase of litigation is the best time to employ “Produce the Note”. That is, after you have sued the bank (say, for Quiet Title), or the bank has sued you (i.e., foreclosure). Discovery is the process by which each side of a pending lawsuit gets to ask the other side for all of the pertinent information with which it intends to prove its claims. For example, if you sue the bank for Quiet Title, then both parties have a right to request all the evidence in the other party’s possession. The most basic piece of evidence here would be a “Note”, which is the financial term for “mortgage” or other debt. Without a mortgage, then there is no document proving that you and the bank have an agreement, and therefore, the bank cannot prove its foreclosure claim against you.
Some proponents of “Produce the Note” suggest that ANYTIME is a good time for “Produce the Note” – even if there is no lawsuit going on. In some cases it may work, but the problem here is that there is no right to discovery outside of litigation. therefore, if you are not in foreclosure and you want to get the bank to have to produce the note, then find an attorney to evaluate your case for a quiet title case against whichever entity has a mortgage recorded against your home. Chances are, if the mortgage was sold more than once, SOMEONE forgot to make all the proper recordations, and you may just end up with your home free from any outstanding liens.
Third, an alternative used in bankruptcy, is to file Chapter 13 and list the bank note – NOT AS SECURED DEBT – but as UNSECURED DEBT. Similar to the discovery tactics above, this puts the bank of having to PROVE its mortgage in order to get the bankruptcy court to treat the debt as secured rather than unsecured debt.
How To Do It Right:
As hinted at above, if you want to get the most out of Produce the Note, you will wait until your guns are fully loaded: i.e., you are a party to an ongoing case, with a due process right to discovery. Send a “Request for Production of Documents” to the lender or servicer and demand examination of the original mortgage note at a place of your choosing. If the bank hasn’t complied within 30 days, file a Motion to Compel Discovery. In your motion, refer the court to your proper Request for Production of Documents and to the bank’s responses. Point out the bank’s failure to comply with your request for it to produce the mortgage which it claims gives it a right to record a claim against your title, and ask the judge to compel discovery. If the bank has lost the note, then it will further fail to comply. At that point, file a motion to dismiss the bank’s foreclosure action or at the very least to bar any evidence of a mortgage note as penalty for failure to comply with the court’s order. It will be impossible for the bank to win. In the alternative, in a quiet title action, if the bank cannot comply, then you will be primed to win.
Word to the Wise: DO NOT rely solely on “Produce the Note.” There are MANY possible claims and defenses that may come up in each case, and if you put all your eggs in one basket, you may get a rude awakening if your bank actually HAS your note. See an attorney, know your rights, and have a back-up plan.
The above article is not intended as legal advice, and is for informational use and entertainment only. If you are in need of legal advice or counsel, consult a licensed attorney in your jurisdiction who is competent in the area you need.
Michael Patrick Rooney, Esq., is a writes consumer protection articles and teaches regular seminars on the mortgage meltdown. He practicing California attorney and real estate broker with his office located in San Francisco. His primary practice is as a predatory lending attorney and California mortgage modification. For more, visit: http://mikerooneylaw.com.
Discount Bank Notes For Sale – Why do americans pay interest on Federal Reserve Bank Notes when we could have interest free US bank notes?
JFK had interest free United States Bank Notes made and within a year he was dead. Why did Congress give the power to make money to the Federal Reserve? Isn’t our so called national debt significantly comprised of interest on these Fed. Reserve Bank Notes?
Discount Bank Notes For Sale – Mortgage Notes: Selling Real Estate To Private Investors
Posted by: | CommentsDiscount Bank Notes For Sale – Mortgage Notes: Selling Real Estate To Private Investors
Mortgage notes are legally binding contracts secured by real estate. The document records the promise to pay funds borrowed to buy houses, buildings or vacant land. Also known as promissory notes, mortgage loan contracts record the amount of funds borrowed, interest rate, and person responsible for payment.
Mortgage notes can be sold to private real estate investors for a lump sum of cash. Numerous reasons exist for selling bank notes. The most common include obtaining cash to pay off credit cards and other types of outstanding debts such as medical expenses or student loans. Private investors who buy real estate notes pay cash to note holders in exchange for receiving monetary installments originally paid to the owner.
When selling cash flow notes to investors, note holders must provide specific information about the note. Investors want to know the face value, interest rate, number of payments received, status of the note (current or delinquent), balance due, and sale price.
After reviewing mortgage notes for sale, investors present their initial offer. If the offer is accepted, sellers might be required to provide financial documents including current and previous years’ tax returns, income statement, title insurance and amortization schedule.
Mortgage buyers generally require a real estate appraisal. Some private investors cover the cost of property appraisals, but this expense is usually paid by the mortgage note holder.
Occasionally, real estate investors are satisfied with a drive-by broker price opinion. BPOs provide investors with information about the property and area where it is located. Drive-by BPOs are commonly used in real estate transactions that do not require physical inspection of the property.
The type of real estate appraisal and who is responsible for the cost should be discussed prior to entering into a contract with a mortgage note buying company or private real estate investor.
The final step of selling mortgage notes involves closing the sale. Sellers are required to sign an Assignment of Mortgage, which transfers all or part of future payments to the mortgage note buyer. Mortgage assignment documents must be recorded through the court system and all closing conditions met before funds are distributed.
Real estate closing can take place in person or via mail. When closing takes place in person, mortgage note holders receive closing documents prior to the meeting. Note holders are required to provide original security documents including deed of trust, mortgage note, and contract for deed. Upon approval, investors issue a check or wire transfer funds directly to the note holder’s bank account.
Selling mortgage notes to private real estate investors can take a few weeks or a few months to complete. Much depends on circumstances and amount of the transaction.
When selling real estate notes to mortgage buyers it is imperative to engage in due diligences to ensure you are working with a trustworthy professional. Obtain references and contact individuals who have worked with the mortgage note buyer.
Simon Volkov is a California real estate investor who specializes in buying and selling mortgage notes. Cash flow note holders who desire to sell real estate notes for cash are invited to submit information via the “real estate notes and land contracts” form at www.SimonVolkov.com
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