When you purchase a Note from a Seller, there should be a letter from the Seller to the Homeowner to let them know you are the new mortgagor. This is done by the way of a Goodbye Letter. In the Goodbye Letter, the Seller is letting the home owner know that they have sold the Note and to whom it was sold to. This letter is typically sent out with a Hello Letter. The Seller can draw it up themselves but to help the Note buying process go a lot faster and smoother you as the purchaser should draw it up for them. This is a basic outline of the information I put into a Goodbye Letter. You can use it as a guideline to write out your own and tailor it to your needs.
The above information should not be considered to as legal advice. Please seek legal counsel before using any of the information or documents posted on our site. We are based in Texas, every state has its own laws, rules and regulations. The examples shown are the ones we use.
I hope you find this information helpful. If you are interested in selling your note we might be your buyer. Please feel to contact us and we will make you an offer.