Mortgage note is an agreement that offers a mortgage as proof of the debt and defines the terms under which the mortgage is to be repaid. It states the debt and the interest rates of the agreement. There are several companies or investors that would pay cash to buy mortgage notes. They will take over the monthly payments that went to the previous owner.
Cases where the buyer of the mortgage note takes over all of the remaining monthly payments are rare. The most common mortgage note purchase is called a partial purchase. A partial purchase is when a buyer offers to purchase only a certain number of the remaining payments on the mortgage, instead of the entire note. After the certain number of purchased payments are made by the borrower to the temporary note holder, the payments then return to the original note holder.