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National Note Buyer of Carryback or Private Mortgages
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Northeastern Capital
Resources, Inc.

1851 State Route 9
Lake George, NY 12845
Phone: (800) 760-9330
Fax: (866) 430-4600

Frequently Asked Questions (F.A.Q.)

It's done every day. (What is a private mortgage?)
A private mortgage is created when an individual sells to another private individual and the seller holds a mortgage for the buyer. This type of financing is commonly referred to as a carryback or private mortgage. Mortgage, deed of trust, land contract, contract for deed, and note are all terms used when referring to a private/carryback mortgage. A private mortgage is a quick, easy way to sell or acquire property without involving a Bank or other financial institution.

There are numerous reasons why a buyer and seller would create a private mortgage.

  • The expediency of a quick closing can impact both the seller and buyer.
  • The strict guidelines of conventional institutions (Banks) are often very prohibitive on secondary homes, rental or investment property, commercial property, manufactured homes, self-employment income, debt ratio and old credit problems.
  • It is a great investment for the seller. He is secured by value of property he is familiar with, and the rate of return for his money is typically stronger than can be gained through investments on the open market.

Why are these "private mortgages" sold:
The most common reason why these private mortgages are later sold by the mortgage holder is an unanticipated need for a lump sum of money: medical, retirement, education cost, vacation, to purchase a new home, or to regain capital in order to make another business investment.

Private mortgages fulfill  the financial needs and desires of the general public.

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Northeastern Capital Resources, Inc.
1851 State Route 9 | Lake George, NY 12845
Phone: (800) 760-9330 | Fax: (866) 430-4600

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