Posted by David Alexander on February 08, 2000 at 15:12:00:
The person who owns the home is the person you sold the home too. The note is created and retained by the lienholder. If you sell the note the notebuyer becomes the lienholder. Or you can borrow against the note and use the note as collateral.
If you sold the note, it would be the the noteholders responsibility to collect, resell, etc. Unless you make another agreement otherwise, which I would strongly suggest in most instances if you are dealing with someone that doesnt do this as a business. The reason is if you take care of business they will fund more deals, if you dont they wont. The agreements can be as simple you replace the note, find another buyer, management type agreement etc.
hope this helps.