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So whoever is a borrower on the Note is personally liable for paying back the debt to the lender. The Note is not recorded in the Courthouse, so the original Note is returned to the lender upon closing.
A mortgage note?also known as a promissory note or even a mortgage promissory note?is a legal document that binds you to repay your mortgage within an agreed period. The note also outlines the terms of your lending agreement with your mortgage provider.
You'll receive a copy of the mortgage note when you close on your loan. If you misplace this copy, contact your mortgage lender or servicer and ask for a replacement. You can also find a copy of the mortgage note at your local Recorder of Deeds office.
Your mortgage lender holds the mortgage note until you fully pay off your loan. Once you do that, your lender will send the note to you, along with a notation that your note is paid in full.
Primary tabs. A satisfaction of mortgage is a document that proves the borrower has paid off the mortgage in full, freeing the loan's lien on the property and giving the title to the borrower.
Definition of 'Master Mortgage' The Master Mortgage is a document created when a property is purchased for the first time. It is filed in the public land records and its purpose is to keep track of the initial mortgage and of any liens that might be associated with the property.
If you misplaced your copy of the mortgage note, request another copy from your mortgage lender or servicer. Some lenders require you to make this request in writing. You could also try to retrieve a copy through your local recording office. When you get a new copy, store it in a secure place.
Land contracts, memoranda of contract, and death certificates being recorded pursuant to a transfer on death deed require a completed Form 521, which are not subject to the documentary stamp tax until the deed is presented for recording.