Posted by Joe on September 18, 2003 at 19:36:43:
from what i have read, the note itself is the security instrument of your investment… the note, on the other hand, has the property to secure the instrument.
since you are purchasing partial of that. so if whoever is not making the payments to you, the dealer should. otherwise you end up owning the note & therefore you foreclose & you own the property.
-Joe
Partially partial - Posted by Al(Wi)
Posted by Al(Wi) on September 14, 2003 at 17:46:38:
A lonnie dealer wants to sell me 1/2 the payment stream on his new note so he can cash out and do another deal.
What document do we use to do this? I’m sure we are not reinventing the wheel here, but I’m a newbe.
Whar secures my investment? Who holds title in the mobile?
Re: Partially partial - Posted by David Butler
Posted by David Butler on September 24, 2003 at 17:54:10:
Hello Al,
You would use a partial purchase agreement, such as the one found in Tin Can Alley, which is available at this website.
Also, you would want to be familiar with the legalities related to partials, which are fully explained in the Appendix of Tin Can Alley, in the section “Legal Implications In Partial Purchase Agreements”.
You can also learn additional information about partials by simply entering the term “partials” in the “search” facility here in this Forum.
By the way, who holds title to the home? Depends on the state where home is located. In states like California and Texas, the note holder holds the “legal” title, and the actual title document. This document shows the equitable owner (Payor) as “registered owner”. When you purchase a partial, and following the SOP of partials, a full assignment of the note is done to the note buyer.
As part of the escrow process then, a new title document is issued, replacing the previous title document, and now showing the new note holder who purchased the partial payments, as the legal owner. And, as shown in Tin Can Alley, a reassignment of the note is made back to the original note holder who sold the payments, once the partial note buyer has received the payments he purchased. At that point, the title is once again reissued, now showing the original note holder again as “legal” owner.
Best wishes for your success on Tin Can Alley!
David P. Butler