There are many ways to sell a promissory note. Search online for promissory note buyers or use the yellow pages to find them. You should have all the required documents ready before you call these companies. These documents usually include the mortgage deed or trust deed as well as the closing statement and the Social Security number for the person who is making the payments.

Review by regulators of promissory note transactions

Promissory Notes are a type of consumer credit agreement. They are legal documents that are executed by a seller for the buyer. The seller can assign this contract to a credit agency. The credit company can take the note and not be held responsible for buyer claims. Buyers cannot sue if the credit company acts in bad faith or if the credit company was actually aware of the seller’s misconduct.