Lost Note Affidavit Foreclosure
Description
How to fill out Florida Lost Assignment Affidavit?
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FAQ
A lost note affidavit is a sworn statement made by the lender that it has lost the original note. The affidavit also contains factual representations from the lender about the status of the note and the loan.
You can get a copy of your Master Promissory Notes by going to studentloans.gov and entering your FSA ID. Click on Completed Master Promissory Notes under the menu bar heading that says My Loan Documents. The completed Master Promissory Notes will appear, and you can download them directly.
If a promissory note is not paid as agreed, the beneficiary has the right to foreclose upon the property, because the property is the security for the promissory note. If the borrower does not bring the payments current or pay off the existing loan(s) during the foreclosure period, the property goes to auction.
When a court dismisses a foreclosure action due to a lost note, the court will dismiss the case without prejudice. This means that the lender still has another opportunity to bring the case again once the note is located. Therefore, a lender can still foreclose the mortgage once they find the note.
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.