Massachusetts Residential Mortgage

This Massachusetts Contract for Deed form offers buyers and sellers an alternative to traditional mortgage financing for the purchase of a residential property.

• The seller basically takes on the role of the mortgage lender, and the buyer makes monthly payments against the purchase price.
• Interest accrues on the unpaid balance.
• If the buyer defaults in making payments or in performing its other obligations under the contract, the seller must serve notice of the default with a date by which the breach must be cured.
• If the breach is not cured within the allotted time, the seller can retake possession of the property. All of the payments made by the buyer would then be forfeited.
• The template is available in MS Word format.
• Intended to be used only in the Commonwealth of Massachusetts.

Overview

This downloadable template is designed specifically for mortgage lenders in the United States seeking to prepare a Balloon Mortgage Promissory Note. The template is available in Microsoft Word format for ease of customization and use.

Monthly Payment Structure

Under the terms of this Balloon Mortgage Promissory Note, the borrower commits to making monthly payments toward the secured loan amount. These payments will continue until the designated date for the final payment.

Balloon Payment

On the date of the final payment, the borrower is required to pay a balloon payment. This payment consists of the entire remaining balance of principal and interest that is outstanding as of that date.

Security Interest

The Note is secured by a mortgage on the property owned by the borrower, providing assurance for the lender regarding repayment.

Intended Use and Availability

This template is intended solely for use within the United States. It is provided in a convenient MS Word format to facilitate easy access and editing by lenders.

USA mortgage brokers, provide loan applicants with this free Broker Fee Disclosure form, as required by law.

• the nature of the relationship between the broker and the borrower,
• the nature of the relationship between the broker and various lenders,
• how the broker's compensation is calculated and paid.

This Promissory Note form is for loans that are backed by a mortgage against the borrower's real property.

• You can use the template in any U.S. state.
• There is no prepayment penalty or premium if the borrower prepays the loan in whole or in part.
• If the borrower defaults under the note or the mortgage, the borrower promises to pay interest at the highest rate allowed by law.
• The borrower will pay any collection costs incurred by the lender, including reasonable legal fees.
• Intended to be used only in the United States.
• Available in MS Word format.