Posted by Nate(DC) on December 30, 2001 at 15:59:51:
I am not sure if you are asking what is best for the investor, or what is best for you.
The investor would expect to receive a promissory note as well as a mortgage or deed of trust on the property.
You, on the other hand, would prefer to sign only a promissory note - essentially an “unsecured” loan. Don’t expect the investor to agree to this.
promise note, mortgage, or both - Posted by Ken
Posted by Ken on December 30, 2001 at 14:56:00:
I have an investor lending me the money to purchase a house. Do I need a promisary note with a mortgage or just a promisary note? (in New Jersey)
Re: promise note, mortgage, or both - Posted by Bud Branstetter
Posted by Bud Branstetter on December 30, 2001 at 22:14:39:
If he is going to do it on a loan basis then the mortgage note you sign sign the mortgage is recorded. Another way would be to put the deed in his name and you record an option to buy. I think it would depend on your relationship and the foreclosure laws in NJ.