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Quick Reference- Do's and Do Not's Original Note, Note Endorsements And Allonge to Note Posted 3/28/12 1. Original Note must be endorsed to Mortgage Services III, LLC 2. Endorsements must read: PAY.

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Allonges are physical sheets of paper used to provide additional space on a contract. They are commonly associated with negotiable instruments such as bills of exchange. Today, allonges are relatively rare as contracts are increasingly drafted and amended electronically.

So, when a loan is sold both the Promissory Note and Mortgage need to be conveyed to the new Note owner. ... The endorsement on the Promissory Note is called an Allonge . The endorsement on a Mortgage is called an Assignment of Mortgage .

The Assignment must be signed and notarized. The last document also transfers ownership, but of the note itself. This is called an Allonge to the Promissory Note, or sometimes simply the Allonge. The Allonge is the shortest and simplest of the three.

Endorsements. When an investor purchases a loan, the previous owner will sign or endorse the note, formally indicating that the note is being transferred to a new owner. This process is called endorsement. Just as with a check, one party can transfer ownership of a note by signing it over to another party.

So, when a loan is sold both the Promissory Note and Mortgage need to be conveyed to the new Note owner. ... The endorsement on the Promissory Note is called an Allonge . The endorsement on a Mortgage is called an Assignment of Mortgage .

Saprina Allen: An assignment is what gives you the right to actually take legal action on a property. The allonge is the endorsement that gives you the right to collect money.

Additional paper firmly attached to Commercial Paper, such as a promissory note, to provide room to write endorsements. An allonge is necessary when there is insufficient space on the document itself for the endorsements.

If you are the borrower, issue the promissory note to the institution or individual that needs it to obtain a loan for you. This should be done with an addendum stating the assignment of your rights or the completion of the assignment paperwork required by the lender.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232