Who Sends The Mortgage Note Reconversion Check
The service provider for the loan sends the check, but not before recording it with the county as proof of the note being terminated. We will then receive the check and make payment from the dispersed funds to all relevant parties via Cashier's Check and/or Money Orders.
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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 ...
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, ...
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 ...
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 ...
Judge Said Original Note Is Not Necessary | Verification of Debt
This is a blatant misrepresentation to keep one from exposing the truth. The Judge is in most cases using the words VALIDATION and VERIFICATION interchangeably, but they are very different in their meanings. The Chaudhry v. Gallerizzo case upheld a ...