Posted by Brian (MD) on September 15, 2003 at 17:24:15:
You should use a standard partial purchase note contract and a simple assignment. Make sure the assignment is noterized. This is an unseasoned note with a note payor who probably has poor credit so I would either buy with recourse or at a sufficient yield to protect my investment. As for who holds title, that varies from place to place, investor to investor. I always have the home owner on title as the owner and my company as a 1st position secured lienholder. As for the contract, if you would like to email me I can send you one.
Good investing. These notes can be a good investment but like anything you need to buy right. Hope this helps.