Kiritsis & Associates
Kiritsis Law Group 212 922 0005
By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M
Generally, a mortgage note is a written promise to pay a certain sum of money at a certain time. A mortgage note may often be referred as a real estate lien note or the borrower’s lien. In some jurisdictions, a borrower may be allowed to require a lender to produce the note during the foreclosure proceeding. From an investors’s perspective, mortgage notes are similar to bonds, because they provide a stream of payments over a set period of time. Generally, mortgage notes are sold as a single whole unit or a part of a mortgage baked security and they are traded on the secondary market. Mortgage note price is a frequently quoted, in terms of a percentage (unlike the bond market). From an investor’s perspective, a mortgage note presents the risks of debtor default and debtor prepayment (debtor pays off loan before the note is due). An attractive investment feature of a mortgage note, is that it commonly allows for interest collection on a monthly basis. Mortgage note documents would typically include terms like the debt amount and interest rate.
Law Offices of Kiritsis & Associates
Phone # 212 922 0005
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633 Third Avenue
New York, NY 10017
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