About 8 years ago, my wife and I bought a private mortgage. Actually we traded an RV for a $45,000 note. Several years went by and the people who owed the money decided to stop paying and moved out of the State without a forwarding address.
The worst had happened; we could not find them and the town wanted us to clean up the property (that's another story) or they would demolish the house and assorted buildings and put a lien on the property. They were, in effect, charging us to…Continue
Added by Robert J. Sivori on April 23, 2014 at 10:07am — No Comments
Private Mortgage Notes The Hidden Banks
Simply stated, private mortgages are similar to loans you can get from the local bank which lends cash to buy real estate. The banker (Mortgagee) lends the cash and the Mortgagor (you) pay back the cash over time plus interest. You own your home and the bank’s depositors are happy to make interest on their money. Everybody Wins!
"Private Mortgage" Holders are little Hidden Banks. Sellers can use…Continue