What is a Note?
A "note" is a loan or a mortgage. It is not the physical asset (car, house) itself; it is the debt and the promise to pay it back (with interest). Buying the note on a house doesn't mean you own the property, it means you own the loan and future mortgage payments.
While it is true that if the terms of payment aren't met you could eventually be in a position to foreclose and repossess the property, however there are specific rules, costs, schedules, and guidelines you'll need to follow which vary by state. A note should not be purchased with the sole intention of eventually taking ownership of the physical property.
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