A Word of Caution to All Note Owners
If you are selling your mortgage note, there are some important things to keep in mind. First, you may feel pressured to reveal your reasons to sell the note, but you are not required to tell the buyer why you are selling the note. However, to sell mortgage note does not mean you have washed your hands of it completely. You are still going to be listed as the primary on the note. The security instruments will still be directly connected to you, and if there is a problem, you will be the name held responsible. Once you give the bank the original paperwork (deed of trust, mortgage contract, etc), then the bank will allow funds to be transferred from the buyer into your account, but ultimately you are still responsible for making sure the mortgage payments are made in full and on time.