John:
There are really (3) three items to obtain quickly;
An Estoppel affidavit signed by the Note holder (the mortgagee) attesting to the repayment terms, balance oustanding, interest rate, interest paid through date, next due date, and whether any offsets or defenses exist with regard to future payments.
You must have the ORIGINAL promissory Note endorsed over to you properly.
You must have an assignment of the Mortgage instrument ASSIGNED over to you (this gets recorded in the county where the subject property is located)
There are other extraneous items but those (3) three make the most sense given you circumstances.
BTW-all of these forms, including some niffty pre- closing, closing, and Post - Closing checklists as well as some case study examples about buying defaulted “paper” are included in the study course; The Unity of Real Estate & “Paper”
Best to your success;
Michael Morrongiello
Author of the Unity of Real Estate & “Paper”
and the Paper into Cash - Creating Marketable Notes
I’m buying a second mortgage privately own by an indidual the 1-mortgage is foreclosing on the house, already deep in foreclosure, the 2 mortgage is $51,400 I am buying it for $1,000 what document should I make him sign so I can control that paper fast, I don’t know my exit out yet, but I kown I have a few, but I need control now.
Michael’s comments are right on the mark. In addition I would also photocopy (or better yet originals)of everything the note holder has in his file regarding the note and property. If there was a lenders title policy - get the original. Once he gets paid, his motivation to help you with info will diminish.