Colorado Mortgage Note
Description
How to fill out Mortgage Note?
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FAQ
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.
A promissory note is a document between the lender and the borrower in which the borrower promises to pay back the lender, it is a separate contract from the mortgage. The mortgage is a legal document that ties or "secures" a piece of real estate to an obligation to repay money.
Circumstances for release of a promissory note The debt owed on a promissory note either can be paid off, or the noteholder can forgive the debt even if it has not been fully paid. In either case, a release of promissory note needs to be signed by the noteholder.
A mortgage note provides a description of the mortgage. It's the document that states how you'll repay your loan, and it uses your home as collateral.
A legally binding promissory note in Colorado must include the names of the borrower and lender. Both sides must sign and date the agreement. It also must contain the amount of the loan and the time frame for repayment. Colorado law does not require you to formally record your promissory note with a government agency.
And when you purchase a mortgage note, you become the lender. You have all the rights of the lender. You don't own the real estate, but you have a right to take the collateral if the borrower doesn't pay. The two broadest classes of Real Estate Notes are commercial (e.g., apartments, office space, industrial, etc.)
Re-paid on a monthly basis ? This is one area where mortgage loans and notes are similar. Both typically require a monthly payment from the buyer until the full balance of the debt is paid off. The big difference is the action the lender/seller can take should the buyer fail to pay.
So, as a rule of thumb, if someone is on the Deed, they must be on the Mortgage. But just because they are on the Mortgage, doesn't mean they are on the Note.
