Posted by Michael Morrongiello on April 04, 2007 at 09:21:54:
There are really (3) three items to obtain quickly;
An Estoppel affidavit signed by the Note holder (the mortgagee) attesting to the repayment terms, balance oustanding, interest rate, interest paid through date, next due date, and whether any offsets or defenses exist with regard to future payments.
You must have the ORIGINAL promissory Note endorsed over to you properly.
You must have an assignment of the Mortgage instrument ASSIGNED over to you (this gets recorded in the county where the subject property is located)
There are other extraneous items but those (3) three make the most sense given you circumstances.
BTW-all of these forms, including some niffty pre- closing, closing, and Post - Closing checklists as well as some case study examples about buying defaulted “paper” are included in the study course; The Unity of Real Estate & “Paper”
Best to your success;
Author of the Unity of Real Estate & “Paper”
and the Paper into Cash - Creating Marketable Notes