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 What Is A “Note?” In its simplest form its a promise to pay. In Real Estate, notes are secured by the Mortgage or Deed of Trust, which is backed by the pledge of real property as the collateral. Notes traditionally have been created in many ways. The most common, are through lending institutions or seller/owner carried financing.

 

Generally Notes Are Categorized In Three Types. 

  • Performing Notes, (Borrower is paying as agreed.)
  • Re-Performing Notes, (Borrower was in default, and a work-out or modification was agreed upon to get the borrower paying again.)
  • Non-Performing Notes,  (Borrower is not paying and in default.)

Different  Note Classifications Based By Lien Position:

  • First liens, (Are generally viewed with less risk and higher value because they have priority over other liens and first claim on the collateral.) 
  • Junior or subordinate liens, (Sometimes called 2nd's generally viewed as higher risk and less value because their claims on collateral may be subordinate to others.) In reality they both can have varying value and risk, with uniquely profitable opportunities. 

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