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How to Make Notes Release Of Promissory Note

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- Hey there, this is Seth, and in this video, Im going to give you a really quick overview of what a promissory note is and how you can put one together really quickly, if thats something you need to do. A promissory note is a type of lending instrument that has been used for centuries. And essentially what this is is just a simple document that lays out the terms and conditions between a borrower and a lender. And it basically just explains that there is a set amount of money that the borrower owes to the lender, and it usually details any interest payments that are included with that. Promissory notes can be set up in all kinds of different ways. You can set them up with balloon payments, so basically theres interest-only payments for a certain amount of time, and then boom, the entire balance is paid off, or you can set it up with whats called straight line amortization, which is basically just a fixed payment for the life of the loan. There isnt a balloon payment at the end.

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Who keeps the original promissory note?

The lender keeps the original promissory note until you have fulfilled all obligations, i.e., paid off, your mortgage. A promissory note will generally contain the following information: The total amount of money borrowed; Your interest rate (either fixed or adjustable);

How do you release a promissory note?

Give the borrower the original promissory note, with a notation on it that says CANCELLED or PAID IN FULL. Keep a copy of this note for your records.

How do I make my promissory note legally binding?

A promissory note must include the date of the loan, the dollar amount, the names of both parties, the rate of interest, any collateral involved, and the timeline for repayment. When this document is signed by the borrower, it becomes a legally binding contract.

What voids a promissory note?

A promissory note is a contract, a binding agreement that someone will pay your business a sum of money. However under some circumstances if the note has been altered, it wasnt correctly written, or if you dont have the right to claim the debt then, the contract becomes null and void.

Who owns a promissory note?

The lender holds on to the note. The note gives the lender the right to collect on the loan if you dont make payments. When the borrower pays off the loan, the note is marked as paid in full and returned to the borrower. Only those who sign the promissory note are legally responsible for repaying the lender.

Why do you need an original promissory note?

So courts began demanding that banks produce the original to show that they are the real party in interest, meaning that they are the only one who can sue you for not paying on the note. Thats why you should demand to see your original promissory note if you are facing foreclosure.

Who gets the original promissory note?

Your lender will keep the original promissory note until your loan is paid off. However, you will also receive a copy of your mortgage and your promissory note with the remainder of your closing documents when you close on the purchase.

What if original promissory note is lost?

Even if a promissory note is lost, the legal obliga on to repay the loan remains. The lender has a right to re-establish the note legally as long as it has not sold or transferred the note to another party.

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