What Are The Costs For Reconverting A Promissory Note
Prior Mortgage / Sale / Refinance / Foreclosure: We require 0% of note's face value as down payment, we will obtain our payment after the reconversion process is completed from the issued funds. For this scenario, because the home/property is not involved, it is purely a recovery of the financial instrument known as a promissory note that you as the “issuer” conveyed to the bank. Roughly 40% of the initial note amount is a potential expected return due to fractionalization-monetizitation-securitization.
Current Mortgage: We require 20% of note's face value as down payment. For this scenario the goal is to identify all unclaimed funds and apply them towards your mortgage to obtain full satisfaction / release of lien.
NOTE: HELOCs and reverse mortgages cannot be recovered because they are found only on the 'private lender books' for these loan variations.
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Why Does This Promissory Note Reconversion Process Work
Upon purchasing a home, a buyer actually acted as the investor and issued a promissory note backed by a mortgage, giving the bank an asset that’s traded and monetized/securitized for 15 or 30 years regardless of what happens to the property. The ...
Does A HELOC Have Closing Costs Like A Mortgage
No, although some banks have costs like a mortgage, ranging from $0 to $750. A HELOC is more efficient and cheaper than a mortgage, by far!
What Are The 3 Steps / Phases to This Promissory Note Reconversion Process
PHASE 1 : RESEARCH (15 DAYS) 1) We verify and research a members documents. If it’s determined that the note is not securitized or placed into a mortgage backed security, then we stop the process. PHASE 2: FILE (90 DAYS) 1) We will file assignments, ...
Will The Promissory Note Reconversion Process Affect Our Current Loan
The promissory note(s) will be taken off the market and therefore extinguished. In short, one will obtain a satisfaction of the note when the money is received. This reconversion process for old promissory notes will not affect current-standing ...
Additional Costs to Complete Corporate Credit
There are only a few additional costs outside the purchase price of the program itself. Those costs involve registering and setting up a registered entity with the Secretary of State. If this is already complete, subtract the amounts that no longer ...