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Many courts are now making the banks provide the actual note, no copies, and no "lost note" affidavits. Consult an attorney and make the bank produce the actual note.
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Is a promissory note the same as a written contract?
A promissory note is a kind of written contract. The statutues and conditions under which it can be enforced are determined by the laws of the state in which it is drafted.
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 when mortgage note is lost?
If you are a lender or note holder and have lost the original promissory you can lose your right to gain timely control over the property in a foreclosure situation. The original note is the only document that can establish the terms, conditions and the note holder in due course. Without being able to establish these the courts are at a loss as to who has what rights. In some cases you can write up and record a replacement promissory note assuming the payer is cooperative.
Can 1 person sign the mortgage and another sign the promissory note?
the moon shins on the earth.
Is a promissory note the same as a written contract?
A promissory note is a kind of written contract. The statutues and conditions under which it can be enforced are determined by the laws of the state in which it is drafted.
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.
What happens when mortgage note is lost?
If you are a lender or note holder and have lost the original promissory you can lose your right to gain timely control over the property in a foreclosure situation. The original note is the only document that can establish the terms, conditions and the note holder in due course. Without being able to establish these the courts are at a loss as to who has what rights. In some cases you can write up and record a replacement promissory note assuming the payer is cooperative.
Can 1 person sign the mortgage and another sign the promissory note?
the moon shins on the earth.
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.
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 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
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.
