If you purchase the note, that would be done prior to making a deal with the borrower so offering $5k would not be up to the current mortgagee, you would be the owner and could offer and do what ever you want....after you own it.Additionally, the suggestion above was a little light on conviction, if the note is lost, take care to ensure you have proper endorsements and gain ownership.

I honestly could see this being endorsed by some VERY powerful people. 

In one of the more secured structures, the note along with an assignment and a note endorsement are all executed and put into an escrow for the benefit of the credit provider upon contract breach.

I have been to a couple and endorse them.Good luck, there is a lot to read here, and don't be afraid to ask questions.

Maybe you should spend some real money since you're rolling large and then call the TX REA and then hire an attorney.Another of my personal vendettas - I get clients that use free stuff they download and get really screwed over, so if I don't endorse it, understand why. 

A policywith a higher premium may be a better deal if it does not have a wind deductible.There are many endorsements that are available on the homeowners policy.

by Hugh Bromma[disclaimer: this is not an endorsement of his self-directed IRA company, in fact I got started with his competitor's company and keep planning to move our accounts over, but haven't gotten round to the "rolling over"-though persons considering raising real estate capital this way, should compare the fee structures of the top 3 administrators of the self-directing Real Estate IRAs-- as they can differ significantly, based on the number of transactions you anticipate annually...Bob

MLS and association dues run me about $550 a year and that is just for me any agents have their fees as well.Originally I paid a yearly E&O premium to who CAR endorsed.

There is no ownership, endorsement, or affiliation with these companies or trademarks.

The lender will be on that check as a loss payee, but will endorse the funds for repairs 90% of the time.