obama foreclosure fund

Buying mortgage notes may also be referred to as hard money lending or private mortgages, where personal money is being used to fund the financing of a property. In exchange for buying these notes, you receive monthly principal and interest payments on the amount of the note until the note is paid in full.

Find and contact a note broker. A note brokers or private mortgage brokers act as liaisons between investors looking to buy notes and borrowers. Use the yellow pages of your local phone book to locate and contact a local mortgage broker to see if they have any mortgage notes for sale.

Write up and sign a legal contract and promissory note. When you find a note or notes you want to buy, have an attorney draw up a legal contract between you as the note buyer and the borrower or seller of the mortgage note. A real estate attorney can draw up the contract as well as the promissory note for the transaction, which both the borrower and buyer must sign and agree to before it becomes a legally binding agreement between the two parties.

Establish and fund the escrow account. After all of the terms and conditions of the these notes purchase are in writing, you as the buyer must establish and fund the escrow account. This is the account where you deposit the money you are loaning to the borrower for the real estate purchase. The account is managed by a third party so that the doling out of the funds from the account is fair and equitable and in accordance with the terms of the written legal agreement.

Receive your returns on your investment. Each month, on a quarterly basis or in accordance with the terms set forth in the written agreement, you receive your checks from the escrow account, which is principal and interest on your mortgage note investment. This occurs until the note comes due and is paid in full.

Tips

The rate of return for a typical mortgage note can run anywhere from 12% to 15% for a note buyer. The escrow account is also the depository for the monthly payments made on the mortgage by the borrower. When it is time for the mortgage investor to receive his monthly payment, the funds are disbursed from the escrow account as well.

Kristie Lorette is a freelance copywriter and marketing consultant specializing in helping small businesses and entrepreneurs. Visit http://www.studiokwriting.com to learn more about Kristie and see samples of her work. Kristie also produces The Inky Dot, a weekly e-newsletters that includes writing and marketing tips for businesses. Subscribe to The Inky Dot at http://www.studiokwriting.com.

So Obama’s great liberal energy policy of change is to?

Obama:
“Instead of Washington gimmicks like a three-month gas tax holiday that will only pad oil company profits. We need to do what I called for months ago and pass a second stimulus package that provides energy rebate checks for working families, a fund to help families avoid foreclosure, and increased assistance for states that have been hard hit by the economic downturn.”

I’m telling you people, the guy does not understand simple economics, how business truly works, and how the other half lives. This proposed stimulus package is an attempt to buy votes, and if fuel prices keep going like they have, it will only be a drop in the bucket compared to what his inexperience and lack of knowledge will cost us all.

McCain, Obama Differ on Housing Crisis

County will send letter protesting Oregon’s change in mortgage aid
A state effort to shift federal mortgage aid to more populous counties to the north at the expense of economically ravaged counties in Southern Oregon is out of line, the Jackson County Board of Commissioners decided Wednesday.