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BobbiCT
Connecticut
135 Posts |
 Posted - 05/14/2009 : 04:32:01 AM
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PAW pointed out an error in my post.
I used the wrong verb.
My apologies to the readers. The verb is "securing", not securitizing. In the future, I will try to avoid posting in haste.
Bobbi in CT |
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Renee
Michigan
549 Posts |
Posted - 05/13/2009 : 2:07:49 PM
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Excellent little offering there, Bobbi! I know a little bit of knowledge can be a dangerous thing in the wrong hands, but I still favor those in our industry having a broad understanding of all this stuff we deal with - not so we can share it with borrowers, but so we can better know what the heck we're dealing with.
You can have a Note without a mortgage - a promise without any security beyond the promise; but you can't record a mortgage to secure a promise that doesn't exist (must have a Note to secure).
Individuals (like your scenario's "daddy") can contract with a Note and can also secure with a recorded mortgage, just like the banks do.
But for safety's sake I can't conclude without remarking that in Residential Lending, it's pretty much a lock-down - there will be a Note and a Mortgage in one clean package. |
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CopperheadVA
Virginia
420 Posts |
Posted - 05/13/2009 : 07:53:36 AM
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Vince, you are correct. My answer was based on the assumption that a loan was involved. Good point!
CopperheadVA
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vince
Kansas
324 Posts |
Posted - 05/13/2009 : 07:24:57 AM
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| I did a purchase where they paid by Cashier's check - so no note was presented or signed (obviously?). |
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BobbiCT
Connecticut
135 Posts |
Posted - 05/13/2009 : 05:15:34 AM
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Oops - As CopperheadVA said. If you don't have the Note for signature in your residential mortgage loan package, call your hiring agency ASAP.
With commercial the lender or title company will most likely have been in contact regarding "unique" circumstances. Again, no instructions with a commercial set and the Note is MIA, call.
Bobbi in CT |
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BobbiCT
Connecticut
135 Posts |
Posted - 05/13/2009 : 05:12:38 AM
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It depends. In the daylight legal world the Promissory Note can be signed anytime and anywhere, which state's laws apply will be determined within the text of the Note.
For example: April 20, Daddy in MA wires $1m to Suzy Smith's bank account in TX. May 2, Suzy Smith in CA signs a secured Note to Daddy for the $1m she already spent (Note dated May 2 in CA, text of Note determines all the legals, including which state law governs and terms of the loan). May 7 Suzy Smith in NV receives a Mortgage Deed to sign from Daddy's VA attorney, which is the document securitizing the loan with her VA horse farm given April 20 memorialized by the Note signed May 2. Suzy signs and returns to VA attorney - who handles recording process on May 13.
This scenario routine in sophisticated high net-worth families, private lending with attorney world. NSAs with standard DIY loan packages probably won't see this. Since the Note does not require notarization, this isn't anything a notary public needs to know but is an interesting curiosity question. I've seen Mortgage Deeds securitizing Notes signed more than five years ago, particularly in commercial lending. With the economy the way it is, this may become "common" again; i.e., unsecured commercial Line of Credit becomes secured when borrower's business is heading south.
Bobbi in CT |
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CopperheadVA
Virginia
420 Posts |
Posted - 05/13/2009 : 03:44:12 AM
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The Note is one of THE MOST critical docs that must be in the package. If no Note is in the package, you might as well not go to the appointment. A call to the hiring entity would be in order upon receipt of docs.
CopperheadVA
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Lisa T.
California
391 Posts |
Posted - 05/12/2009 : 11:57:15 PM
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| Well when else would you expect the note to be signed? The note (or promissory note as it is officially called) is evidence of the debt. If borrower does not sign the note, they haven't taken on the debt. If they haven't taken on the debt, then there's no refi or purchase. Yes, the note has to be signed at the signing table, or what's the whole point of a LOAN signing? |
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raquel Towarnicki
Florida
23 Posts |
Posted - 12/19/2008 : 12:34:26 PM
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I have a friend that says yes and another notary say no.... WHAT is it please.
raquel t. |
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Does note have to be signing at signing table?
