Massachusetts Installments Fixed Rate Promissory Note Secured by Residential Real Estate - Massachusetts 2025

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While notarization isnt a legal requirement, it can add an extra layer of authenticity and credibility to the document. What happens if the borrower defaults on a Massachusetts promissory note? In case of default, the lender can take action to recover the debt. This can include pursuing assets.
Promissory notes are legally binding whether the note is secured by collateral or based only on the promise of repayment. If you lend money to someone who defaults on a promissory note and does not repay, you can legally possess any property that individual promised as collateral.
While all mortgage notes are promissory notes, not all promissory notes are mortgage notes. A promissory note is a legally binding, written promise from a borrower to repay a loan to their lender. A mortgage note is a document that outlines the terms of a mortgage.
All Promissory Notes are valid only for a period of 3 years starting from the date of execution, after which they will be invalid. There is no maximum limit in terms of the amount which can be lent or borrowed. The issuer / lender of the funds is normally the one who will hold the Promissory Note.
A promissory note is an unsecured debt. A mortgage ties a promissory note to the deed to the property so that debt is now secured by the property as collateral. I suggest that you need to have both a promissory note and mortgage done by an attorney.
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The property that secures a note is called collateral, which can be either real estate or personal property. A promissory note secured by collateral will need a second document. If the collateral is real property, there will be either a mortgage or a deed of trust.

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