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Can 1 person sign the mortgage and another sign the promissory note?
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∙ 10y ago
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Is a promissory note binding if there is no consideration in return?
In order to have a promissory note there must be consideration. If a bank gives you a mortgage, then the home is consideration for your payments.
Does a mortgage promissory note have to be notarized?
Most lenders do not require the promissory note to be notarized. The deed of trust, however, is usually required to be notarized.
Who are some companies that are buyers of mortgage notes?
A mortgage note is essentially a promissory note with the property concerned as a security for the loan. Companies that buy mortgage notes include the Texas Note Company, NCR Note Buyer as well as The Mortage Buyer, Inc.
What are the terms of a chattel mortgage?
the buyer signs a promissory note, secured by the product, that constitutes a promise to repay the debt. The mortgage will typically contain an acceleration clause
Wording for promissory note?
wording for promissory note with collateral
Is a promissory note binding if there is no consideration in return?
In order to have a promissory note there must be consideration. If a bank gives you a mortgage, then the home is consideration for your payments.
Does a mortgage promissory note have to be notarized?
Most lenders do not require the promissory note to be notarized. The deed of trust, however, is usually required to be notarized.
What happens to a promissory note if the creditor takes title to real property?
Real property can only be encumbered by a mortgage and not by a promissory note. A promissory note has no effect on real property it is only evidence of a loan. If the mortgagee acquires title to the mortgaged property the title merges and the mortgage is extinguished.
If you sign a promissory note for a down payment on a car and they do not sell you the car is the note still valid?
If you signed a promissory note and the person decided not to sell you the car, you do not have tobpaybthe down payment. The person has already voided the promissory note by not selling to you.
Does a promissory note need to be notarized?
No, a promissory note does not need to be notarized to be enforceable in a court of law. Virtually every promissory note on a mortgage is not notarized although a lender might require a borrower to have someone else at least witness it. A promissory note is nothing more than a formal contract to repay a loan on certain terms and conditions. In other words, it is nothing more than a fancy I. O. U. Contracts are not required to be notarized to be effective. The benefit of having a contract notarized is that it proves that the person who signed the note is in fact the person it is being enforced against.As an aside, mortgages (as opposed to the mortgage note) must be "acknowledged" in front of a notary, but that is generally a requirement for the mortgage to be recorded publicly rather than to have it be effective.No, it does not.
What is a cognovit note?
It is a combination of promissory note and chattel mortgage according to which the borrower waives his right of action to the chattel mortgage in the event of failure to pay the sum agreed in the transaction.
Who are some companies that are buyers of mortgage notes?
A mortgage note is essentially a promissory note with the property concerned as a security for the loan. Companies that buy mortgage notes include the Texas Note Company, NCR Note Buyer as well as The Mortage Buyer, Inc.
What are the terms of a chattel mortgage?
the buyer signs a promissory note, secured by the product, that constitutes a promise to repay the debt. The mortgage will typically contain an acceleration clause
Wording for promissory note?
wording for promissory note with collateral
Who is the person who creates and signs promissory notes?
A promissory note is a written promise to repay a loan or debt under certain terms. The party who makes the promise is the promisor (also called the maker or issuer). The person to whom the promise was made is the promisee. A promissory note is generally an unsecured obligation. (However, it can be used in combination with a mortgage to secure real estate.) If it is not paid the promisee can sue in court as long as the note is valid and within the statute of limitations for collection. An attorney can draft the note, forms can be purchased or the parties can draft their own agreement. However, only a valid promissory will stand up in court if the promisor fails to pay.
What is a mortgage buyer?
A "mortgage buyer" when referring to a private real estate note, would be a real estate investor who will purchase private mortgage notes for cash. These investors are also sometimes referred to as note buyers, promissory note buyers, land contract buyers and deed of trust buyers.
What is Promissory Check Open Check Cross Check and Stale dated Check?
promissory note a written promise by a person or the maker.
