Posted by Jon Richards on March 28, 2001 at 14:53:37:
I think you do not need to worry. People make extra payments all the time on many notes. The exact balance due is calculated based on your records, and the payors record of payments made. If there is a dispute, cancelled checks or third party note servcing companies can help.
Best of luck and be happy you got the extra money to buy more notes with.
Jon Richards
NoteWorthy Publisher
note question - Posted by Lori
Posted by Lori on March 27, 2001 at 22:30:58:
Recently had a guy refi and paid off part of the 2nd i was holding in addition to his first. The mortgage lady told me i didn’t need to write a new note for the new amount since it was written on the subordination agreement which was recorded. The guy never signed anything concerning the new amount, but i have recieved the cash for a little over half of the note. I was told they would take care of this at closing, but when i called for a copy of the new note they had not made one. Is this normal not having the guy sign for a new note when he pays off part of the first one. Do i need to sign some kind of a release for the original amount. Keep in mind the terms did change for the new note. Thanks.