Mortgage Note question - Posted by Matt

Posted by doug Rink on February 10, 2002 at 22:50:15:

I am a fan of yield BUT 21% in this climate other than interest only and VERY short term use of funds makes me think someone is up to something. Make sure to get the borrowers social security # and call them. I ALWAYS VERIFY I HAVE A REAL BORROWER AND CREDIT REPORT

Mortgage Note question - Posted by Matt

Posted by Matt on February 06, 2002 at 13:49:39:


As I am new to this game can someone explain to me if this request sounds like the person holds a mortgage note? I am not sure what he means by he creats notes?

below 80% CLTV exposure
interest at 21%
can be seasoned and verified through 3rd party escrow
balloon payments set between 12 to 24 months
secured by real property
majority of these are in the Arizona market.

I am in the process of creating a note now.

1st mortgage is 128,000
2nd note that I am creating is $10,000
home is valued between 180,000 to 200,000
21% interest
payments of 376.75
amortized at 36 months
balloon in 18 months

Re: Mortgage Note question - Posted by Chuck (AZ)

Posted by Chuck (AZ) on February 07, 2002 at 14:13:49:

You nailed it when you said Arizona.

There’s a program here (forget the actual name), where you “invest” in trust deeds… deeds secured by “real” real estate.

It returns 13%-18% annually depending upon who’s behind it.

The “program” is used by developers to fund their projects, from the “investors” money.

The investor of course is the smarter-than-average Joe, who wants a better return and a more stable investment than the stock market or cd’s.