Introduction

A mortgage, trust deed or land contract is a written contract between a person who has sold property and the person who bought that property.

At the time you sold your property, odds are that you would have preferred a cash sale. Taking back financing, however, provided a quick and inexpensive way to sell the property without the rigid guidelines, hassles, and delays of bank financing. This loan also provides you with some monthly income at, hopefully, a good rate of interest.

Taking back financing is a sensible way to sell property and is extremely common all' over the United States. In some states they are called Trust Deeds, Contracts for Deed, Deeds of Trust, Notes, or (privately-held) Mortgages, but they all represent the same thing: a way of selling property where the Purchaser "borrows" from the Seller rather than paying cash up front or borrowing from a bank. All these vehicles are referred to as Seller Take Back financing. Let's explore some of the important ingredients in your mortgage, trust deed or land contract now.

Although mortgages, trust deeds and land contracts are relatively simple documents, we suggest you read your documents and this owner's manual once a year. There's no better way to know your rights as well as your options.

For valuable advice on how to sell property using Seller Take Back financing, see "Tips for Selling Property Using Seller Take Back Financing" of this owner's manual. When a property is sold and a Seller Take Back mortgage is used the Seller who is now also the Lender is called the Mortgagee. The Buyer who is now the Borrower is called the Mortgagor. When a property is sold using a Seller Take Back Trust Deed the Seller is the Beneficiary, the Buyer is now the Trustor and there is a third party who acts as the title holder called the Trustee.  When a land contract is being used the terms Purchaser and Seller are used.

Helpful Hint

On the Payment Record Keeper (see back of this manual), write the Buyer's phone number, particularly if it's an unlisted number.  The Buyer's phone number is handy to have in case you need to reach him or her on short notice...if a payment is late for instance, or if you would like the next payment sent to a summer address.

The Mortgage Note Buyers at RAM Funding are standing by ready to CASH YOU OUT!  Is your real estate note less than stellar, or do you need a lump sum of cash NOW from your cash flow note?  Why hold on to an under performing cash flow note? 


Call the RAM Funding Discounted Cash Flow Specialists Today, 1-800-397-3893.

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