Some people didn't want to carry back the note in the first place, or have grown tired of collecting the monthly payments. It will not. All the terms and conditions set forth in the original note and mortgage remain in force. The only change will be to whom and where future payments are sent. Generally, from four to six weeks.
Payment is made at closing, when all documents have been signed and recorded.
Our office can close the transaction by sending you a closing package along with easy to follow instructions. Your payment will be made by certified check from a major financial institution. If the LTV is right, we'll buy it. My mortgage has a balloon payment at the end of the term. We buy balloons, too.