As I'm sure people would agree, there are a lot of mentors that fit the latter description.

Having money and making a loan may put you in the position as a lender/note holder. but having money to loan does not make you a lender or using other's money might have put you in the position as a broker, but that in itself doesn't make you a mortgage broker unless you have met the compliance issues of a brokerage operation.With you suggesting soliciting fundss as you did simply demonstrates a lack of legal requirements and your description of interests held in a collateral postion were really off base, so that too shows those here who do know that you are not a real mortgage broker as legally defined.

Just post on Craigslist every day and have a good description and several pictures

Your description is right on.

Closing date is getting near and I'm getting nervous, but if I don't close it will be the first time.Bill Gulley - I don't put addresses on my bandit signs, just description of house and phone number.

You didn't mention what year the home is but based on your description and that similar homes sell for $7k, I'm guessing it's a late 70s or early 80s.

You'll find that more people are likely to jump in to respond when you have a thread with a descriptive title.Thanks and good luck!

David, your description of the deal left me very confused.

Funds are paid, representations and agreements are signed and the note is assigned with an endorsement and filed.Usually a buyer will ask for a package of documents, I'd want to see;Copy of the note and deed of trust, Commercial deal, a copy of the settlement for the transactionA list of inventory collateralized and copies of the UCC filingsA copy of the first lien as filed with terms and payment requiredPayment history of the note, with verification of receipt/depositsCopies of any loan modifications or extensionsAppraisal on the property at sale on RE and equipment if anyA letter simply desiring the intent to sell with a description of the note with the book and page county as filed.

I would try to get a copy of the recorded mortgage for the one in front, to see if the legal description in that mortgage includes that back lot too.