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.
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.
Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
Yes. The mortgage secures the debt. The note is simply a promise that you repay the money. If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed. If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
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.
The property is subject to the mortgage and the buyer has notice of it. A conveyance will likely trigger a demand from the lender that the note be paid in full. If the mortgage isn't paid the bank will foreclose. You should seek the advice of an attorney.
Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.Your payments go to the entity that owns the mortgage. The mortgage document is recorded in the land records. The lender keeps the note until the mortgage is paid. In some states such as Connecticut, the note is recorded as well. The mortgagor is given a copy of all the document associated with the mortgage.
Mortgage notes are considered a company asset and are transferred or sold to other servicing lenders. Most mortgage companies only service loans for investors "fannie mae, Freddie Mac, etc."
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 the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.If the wife signed the mortgage and not the note that means that if the mortgage isn't paid the lender can take possession of the property by foreclosure. It will not affect the wife's credit but by signing the mortgage she consented to the lien on the real estate.
A mortgage generally only has one note.
Yes. The mortgage secures the debt. The note is simply a promise that you repay the money. If you sign the note, then you are liable for the debt. The note is simply your promise to pay back the money you borrowed. If you signed the mortgage, and you default on the promises and covenants of the note and mortgage, then the mortgagee (bank) has the right to foreclose on you. The default of mortgage payments are a breach of contract which allows the lender to foreclose on your home.
There are a few companies that will purchase mortgage notes but an individual can also sale a mortgage note to another individual. These companies include FNAC USA, Nicholas Dicaro, and The Mortgage Buyer.
One can purchase mortgage notes by getting in touch with an agent who specializes in mortgage notes. There are plenty of agents who can assist in the purchase of a mortgage note and advise on the best rates for a note.
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.
See http://www.fivecentnickel.com/2008/09/22/what-happens-to-your-mortgage-if-your-bank-fails/