Posted by MonicaFL on 10/15/10 6:01pm
Msg #356990

No amount on Note

This is a RM - but this is the first time I have ever seen a note that didn't have figures on it. On the Hud the actual loan amount was very low - on the mortgage it says that they can't borrow more than 268,000.00. But the NOTE says nothing. I just think it is weird. Sent an email to the processor and asked her about it - but was just wondering if anyone else has ever seen a Note without any monies on it.

Reply by JanetK_CA on 10/15/10 10:54pm
Msg #357030

That's inherent in the way a RM works. The ultimate amount to be paid off when the home is sold may not be known until it happens. If they take a monthly draw, it will depend on how many payments they've received and if they have a line of credit, it will depend on how much they've drawn against it. The DOTs will show the maximum amount potentially available to them.