questions, legal note instruments in ny - Posted by chalazion

Posted by Jon Richards on April 19, 2002 at 20:52:49:

Chalazion

Here I hope are the answers to your questions.

  1. Certainly the forms in New York can be obtained from whatever entity does the closings and recording in your state. In CA we use title and escrow companies and they freely provide forms. I recommend you check with them. Some states use attorneys to do the legal work, and I’m sure they have inexpensive forms as well.

  2. Seconds have very little value on the secondary market; unless they are almost as large as the first, and there is good loan to value.

  3. Due on sale clauses do not make a note more valuable for sale. When an investor buys a note at a discount, he or she generally does not want it to be paid off early. In fact, it would be more valuable to add a large (legal) pre payment penalty.

  4. Notes can be sold nationally. There are many national note buyers. Go to www.nbdc.net.

Hope that helps,and best of luck.

PS: The shift key on the left side of your key board.

Jon Richards
NoteWorthy Publisher
www.noteworthyusa.com
415 824 1864

questions, legal note instruments in ny - Posted by chalazion

Posted by chalazion on April 19, 2002 at 07:49:10:

what are the instruments (actually forms) to type up a note in ny?
where can i find the current foreclosure laws and procedure, usury, legality of writing and recording a note nyc?

also, is purchasing a property with a newly created note in 2nd position behind a bank vs. a seller be as value to a notebuyer? provided the equity and yield is equal

by placing a due-on-sale mortgage into a trust in order to assume it and then make a down payment and create a note…is there more risk that the note would not be as salable or purchased at a higher discount due to the structure of the above deal.

thanks chalazion

ps is it more realistic to sell a note locally or nationally to get the best price