If your mortgage note becomes lost or damaged, contact your lender for another copy or visit your county records office, where these documents are filed.
https://www.sellmymortgagenote.org/what-is-a-copy-of-mortgage-note
Selling a mortgage note is legal as long as the borrower is informed at closing and loan terms do not change as a result of ownership change.
Closing Documents
At closing, lenders and closing agents will present you with a stack of documents from plat surveys to closing disclosures that outline your final mortgage terms and include copies of your mortgage note. It's important that you carefully read through this document so as to understand your responsibilities to repay the loan; any questions should be raised if necessary. It also details when late fees kick in as well as what happens if there's default on debt repayment.
As part of your loan application, you should receive a copy of your initial mortgage application form. If anything has changed since that initial application form was filed – such as changing jobs or opening another line of credit – notify your lender immediately to avoid potentially jeopardizing meeting payments obligations or incurring prepayment penalties.
Lender’s Records
A mortgage note is a document that details the terms of your loan agreement, including amount borrowed, interest rate and payment schedules. Additionally, this note gives your lender permission to repossess and sell your home if you fail to comply with its conditions.
After closing, your lender should give you a copy of your mortgage note for filing. They usually keep the original until after your loan has been paid off in full; then they may sell or pool it into mortgage-backed securities that investors purchase and sell off separately.
For a copy of your mortgage note, contact either your mortgage lender or loan servicer. This could be either the bank that issued or took over servicing of your loan; alternatively it could also be another mortgage company who has assumed its servicing responsibilities.
Broker’s Records
Mortgage notes can be sold and transferred between parties, often to private lenders or real estate investors who seek an excellent return on their investments by taking over mortgage debt for themselves. When this occurs, the original note should be amended accordingly in order to prevent any confusion over who holds or holds not only its terms but who holds the mortgage itself.
A mortgage note will also specify when and how payments will be due, including whether any part of the loan was used to cover property taxes and hazard insurance costs.
Mortgage notes are important documents, which should be stored safely after closing. If there are any inquiries about its content or description, reach out to your lender or broker who issued it; alternatively, request a copy from either your county recorder or your state's department of financial institutions.
Local Registry of Deeds
Your county register of deeds office serves as an archive for numerous local records. While deeds and mortgages may be found here, other documents such as plats, financing statements, military discharge papers, notary public oaths and marriage bonds also reside here.
Once a deed is filed with the registry of deeds, it is reviewed to ensure all the information is complete and correct before being indexed and scanned as an official record – making it available to be researched by anyone either through hard copy indexes or visiting directly at their office.
Register of Deeds offices can provide invaluable assistance to individuals and businesses using official records for real estate transactions, land disputes or family history research. In order to protect privacy, registry of Deeds office redact names or personal details from official documents upon request.