If you are in the process of selling a promissory note, there are many different ways to go about doing it. You can find a promissory note buyers by searching for them online or through your local yellow pages. Before you contact one of these companies, you should be prepared to provide the documents requested. This usually includes the mortgage or trust deed, the note, the closing statement, and the Social Security number of the person making the payments.
Regulators that review promissory notes
Promissory notes are a form of consumer credit agreement, a legal document that is executed by a seller on behalf of a buyer. This contract can be assigned by the seller to a credit company. This allows the credit company to take the note without the risk of a buyer’s claims. Buyers can only sue if they can prove the credit company acted in bad faith, or that the credit company had actual notice of the seller’s misconduct.