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Aug 6th, 2022
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How to Search Affidavit Of Lost Promissory Note And Indemnity Agreement

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hello Im Angie Moreschi the important question now is how can you use to produce the note strategy to help you save your home attorney John Yan Tunis is joining us today to help give you some tips on how to proceed John thanks for joining us thank you well first question here is this something that anybody facing foreclosure can use everybody should use it everybody should put the lender to the task of establishing that it owns the debt that it claims that you owe to it now is there a good indicator I noticed as Ive looked through some of the mortgage foreclosure complaints that the lenders file with the court some of them actually have these counts in them that say re-establishment of note and then the wording is actually the mortgage note has either been lost or destroyed and the plaintiff is unable to state the manner in which this has occurred theyre admitting that they lost or destroyed the note well obviously thats the most exiting the best sign available that the lender doe

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It is also important to promptly notify the borrower that the note is lost, and request that a new promissory note be executed. It is common for promissory notes to include a provision requiring the borrower to execute a new note in the event the original is lost.
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);
Request loan paperwork from your lender. The lender can provide copies of the documents signed at closing. If the loan has changed hands, contact the most current servicer for a copy of your mortgage or deed of trust documents.
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.
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.
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.
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.
Even if a promissory note is lost, the legal obligation 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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