What is a copy of note on mortgage?
Also known as a promissory note or deed of trust note, it’s the basic loan contract given to you by your lender—the document you signed on the dotted line to make your deal official. A mortgage note is an important piece of paperwork to keep in your files for a variety of reasons.
Who holds the note to my mortgage?
A mortgage holder, more accurately called a “note holder” or simply the “holder,” is the owner of your loan. The holder has the right to enforce the loan agreement. The loan agreement consists of: a promissory note, and.
How do I find my mortgage records online?
A recorded mortgage is fairly easy to locate.
- Find recorded mortgages using online resources. For example, in California, you can find them on CA.gov. …
- Go to the county recorder’s office or local courthouse to find recorded mortgages. …
- View land records to locate recorded mortgages.
Do mortgage notes get recorded?
Promissory notes are typically recorded as public documents and accessible shortly after the closing. The trustee maintains the original deed until the loan is satisfied. When the loan is paid off, the trustee automatically records a deed of reconveyance at the county recorder’s office for safekeeping.
Is a note the same as a mortgage?
While a promissory note provides the financial details of the loan’s repayment, such as the interest rate and method of payment, a mortgage specifies the procedure that will be followed if the borrower doesn’t repay the loan.
Is a mortgage note the same as a deed?
It’s the promissory note that contains the promise to repay the amount borrowed. While a promissory note is basically an IOU that contains the promise to repay the loan, the mortgage or deed of trust is the document that pledges the property as security for the loan.
How do you know if your loan is owned by Fannie or Freddie?
To find out if Fannie Mae or Freddie Mac owns your loan, use their respective loan lookup tools or contact your mortgage company to ask who owns your loan.
What is the best description of the mortgage note?
In the United States, a mortgage note (also known as a real estate lien note, borrower’s note) is a promissory note secured by a specified mortgage loan. Mortgage notes are a written promise to repay a specified sum of money plus interest at a specified rate and length of time to fulfill the promise.
Why did chase sell my mortgage?
Your lender might also sell your loan as a way of freeing up capital. When banks sell loans, they are really selling the servicing rights to them. This frees up credit lines and allows lenders to pass out money to other borrowers (and make money on the fees for originating a mortgage).
How do I find out my mortgage balance?
You can easily see if this exists by simply calling the county clerk’s office or by visiting their website. Those that have a page like this will list the property information, date of default and the balances owed on each of the mortgages on the property.
Are liens on property public record?
Liens are a matter of public record, so it’s simple to find out if there’s one on your property, or on anyone else’s property for that matter. In most states, you can typically search by address with the county recorder, clerk, or assessor’s office online.
How much is a title search on a home?
A title search costs between $75-$100 and is performed by a title company or real estate attorney depending on the state.
Does a promissory note get recorded?
Unlike a mortgage or deed of trust, the promissory note is not recorded in the county land records. The lender holds the promissory note while the loan is outstanding. When the loan is fully paid off, the note will be marked as paid in full and returned to the borrower.
Can you be on a mortgage but not the deed?
The Co-Signer for a Mortgage Loan Is Not On the Deed.
A second person can co-sign the mortgage loan without being on the title and deed. … A mortgage, by definition, pledges the home as collateral for the loan. This is why mortgage lenders prefer—and often require—that every borrower’s name goes on the title.