THE STEPS INVOLVED - in Selling Your Mortgage Note
Depending upon logistics and mutual preference, the closing itself can be done either in person,
or by express mail.
If the closing is to be done in person, you will receive a copy of the closing documents for review prior to the closing. You will bring the originals of the security instruments (mortgage and note; or deed of trust, or contract for deed) that you’re selling. The main document that you will sign at the closing will be the Assignment of Mortgage, which transfers all or part of the future payments.
If the closing is to be done by mail, the actual closing documents will be sent either directly to you, or to a closing / escrow agent (attorney or title company) in your area. You will have certain documents signed and notarized; and return the entire package along with the originals of the security instruments.
As soon as the Assignment Form is recorded at the local courthouse, and all closing conditions are met, your funds can be disbursed to you. This is done either by check from the closing / escrow agent; or, if you prefer, the funds can be wire-transferred directly to your bank account.
The originally recorded security instruments remain in your name. The new, recorded Assignment of Mortgage Agreement specifies what part of future payments have been sold. If you are doing a Partial Purchase, the mortgage balance or an agreed-upon amount reverts back to you once the terms of the
Partial Purchase Agreement have been met.
Typically, the whole process, through funding, can be done in 14 to 21 days or less. Much depends upon how quickly we receive what we need, so sending documents to us by fax or email greatly speeds up getting the transaction done !
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