Owner Finance Must Read Article – Show Me The Note
This subject is one that we have pointed out at The Texas Note Company time and again. It is imperative that you keep the note documents in a safe and retrievable place. If you can’t produce the Original Promissory Note, then you will have a difficult time selling your note and in this case have difficulty foreclosing on the property when the borrower’s don’t pay. It is refreshing that our legal system is finally listening to the home owner and investor and not just taking what the banks says as gospel.
This is a must read article for all of you who are receiving monthly payments on sold real estate. For those of you that are considering creating an owner finance note it is also the reason why it is important to seek the expertise of a note professional, Texas Note Company are experts in this field..
When you buy a note as an investment, you essentially become ‘the bank.’ If the note is performing, your role is fairly simple: you’ll process your monthly payments, issue end-of-year interest statements to the borrower, and maybe consider selling the note.
If, however, the borrower defaults in his payments, things get a lot more interesting…
Texas Owner Finance and the SAFE Act
The folks over at Forte Properties really know how to set up Owner Finance transactions the right way. Often there is a wrap involved and several different steps you need to consider when setting up the transaction. Forte properties has it down.
They have written a good article on The Texas Safe Act and how it applies to Owner Financing in the great state of Texas. Check it out, you will find it very informative.
http://www.greateraustinhomes.com/owner-finance-101/texas-safe-act/
