Answer:
A single pay note is one in which the entire principal is due at maturity. Monthly payments can't be required on a single pay note.
First published on BankersOnline.com 8/23/10
Monthly Payments on Single Pay Note
Question:
Even though a monthly payment is disclosed on early disclosures, are monthly payments actually required on a single pay note tied to residential real estate, or can all be collected at maturity?
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