C & A Financial Programs, Inc. specializes in the purchase
of owner-financed notes secured by mortgages. We provide cash
liquidity for real estate owners who have sold their property
and taken back a mortgage for part of the purchase price.
Often times, people find themselves in a position of needing
to sell the mortgage for a number of possible reasons.
We purchase mortgages, trust deeds & real estate contracts
locally and nationwide.
- We purchase first, second and wraparound mortgages.
- Top dollar paid
- No points or hidden fees
- Fast closings
C & A Financial Programs, Inc. will do all of the work
associated with purchasing your seller held mortgage at no
extra cost to you. You will be quoted a net amount to purchase
your mortgage. C & A Financial Programs, Inc. will pay
for all title searches, appraisal costs and all other expenses
related to closing the transaction.
Mortgage Purchase Plans
We offer flexible and individually tailored plans to meet
your specific financial goals. You can select from our Full
Purchase, Partial Purchase or Shared Payment Purchase Plans.
If you have a mortgage to sell, fill out our
Mortgage Quote Form and send it and we will get the process
started, or call today and let our team of experts assist
you in finding the plan that is best for you!
MORTGAGE, the securing of "money or money's worth"
by making it a charge upon property, real or personal, so
that if the debt is not paid by a time agreed upon by the
parties, the creditor may foreclose or sell the property and
pay himself from the proceeds of the sale. In the United States
the mortgage typically takes the form of a formal deed of
conveyance which is expressly stated to be security for a
debt. In England, since the Law of Propertyact, 1925, the
mortgage of realty takes the form of a 3,OOO-year leasehold
or a legal charge. Both in England and in the United States,
security transactions which fail to satisfy the formal requirements
of legal mortgages may nevertheless be recognized as valid
equitable mortgages. For example, a written promise to give
a mortgage, followed by a loan to the debtor, creates an equitable
mortgage. Similarly, legal mortgages, defective because of
lack of seal or some other technicality, may be enforceable
equitable mortgages. In England the deposit of title deeds
with a creditor, with the intent that the property described
in the deeds shall secure a loan, frequently results in a
valid equitable mortgage. In the United States, except for
New Jersey and possibly New York, the mere deposit of title
deeds will not result in a mortgage.
History - The theory of mortgage
in the common law goes back to the gage of land or chattels
in the Saxon and early Norman periods, and instances of such
gages are to be found in the Domes-day Book of William I.
A gage involved the transfer of possession to creditors for
security for a debt. If the gagee-creditor retained the rents
and profits from the estate to discharge the debt, the transaction
was known as a "live" gage; if the mortgagor kept
the income, it was known as a "dead" gage (mort-gage).
If at the time the debt was due, the gagor failed to pay,
the gagee could obtain a judgment requiring payment within
a certain time, or, as an alternative, forfeiture of the estate.
But title was always in the gagor and he could at any time
prior to the end of the term bring a legal action to oust
his creditor, leaving the latter no remedy other than to sue
on, the debt. This lack of security eventually caused the
mortgage for a term to give way to the classical common-law
mortgage in the form of a direct conveyance to the creditor
with payment of the debt as a condition subsequent, which
if satisfied would revest both title and possession in the
mortgagor. However, if the debt was not paid at the due date,
the title vested irrevocably in the mortgagee. This often
resulted in drastic loss to the mortgagor, since the value
of the property forfeited to the mortgagee frequently far
exceeded the amount of the debt. During the 17th century,
courts of equity accordingly developed the mortgagor's equity
of redemption, a right which allowed the debtor to get back
his estate by paying the debt after the due date, even though
at law he had completely forfeited his property.