What is unsecured debt? There are different forms of debt. ‘Unsecured debt’ is debt that is independent of property (say-credit card debt), unlike a secured debt (say-a mortgage), which grants the creditor the right to secure your property to satisfy your obligations, in case you default. In the case of unsecured debt, the only remedy ...
Seller Financed Homes Roughly one in five homes sold today involve some sort of seller financing. Rather than the buyer getting a mortgage through a third party such as a bank, the buyer simply promises to pay back the seller over a set period of time with a set interest rate. There are many reasons ...
You don’t have to have a legal degree to write basic contractual agreements, such as a promissory note. In fact, all you really need is a word processing program and the names of all parties involved. What most people don’t realize is that a contract doesn’t need to contain legalese in order to be binding ...
A legal document known as a mortgage note outlines the exact payment arrangements of a mortgage note. Another name for this document is promissory note, private mortgage, private mortgage note, or even just note or IOU. The promissory note will give detailed information about the monies owed which were borrowed from the seller minus any ...
