Managing A Private Mortgage Note
There are a few critical things a private note holder should be sure and do to protect this valuable asset. 1. keep detailed records of payments including copies of canceled checks, 2. Monitor the property’s property taxes to be sure they are paid and current, 3. Monitor the buyer’s homeowners to be sure they are current, adequate and that you as the note holder are showing as the mortgagee. Lastly, it’s a good idea to physically monitor the property to be sure the buyer is still occupying the home. taking care of all these steps will help if you ever want to sell a note to a private mortgage buyer.