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 Borrower should sign ONLY ONE "Note"		  New Topic  Reply to Topic
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middleVT

Afghanistan
38 Posts
Posted - 12/23/2012 :  09:04:02 AM  Show Profile  Reply with Quote
The mortgage is not a negotiable instrument, the note is. When you pay off your loan, the note is returned to you stamped "Paid" and signed by the former holder of the note. You know you can't be forced to continue paying on the paid note because any imposter will not have physical possession of the note; the former borrower has it.

If there is more than one signed note, how can you be sure all the signed notes will be returned to you when you finish paying off the note?

<i>middleVT</i>
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mgb1966

Wisconsin
47 Posts
Posted - 12/22/2012 :  9:19:31 PM  Show Profile  Reply with Quote
I agree, two notes should not be signed. I have question also with two original mortgages being signed. I know that they want to keep an extra in the file in case the one sent for recording gets lost. I would love to hear from a lawyer if conveying your interest twice is legal which is what has actually occurred. One of my customers sends the original mortgage and then adds an extra signature page and an extra notary page. I would think that that would be notarizing an incomplete document and would violate most state's notary laws.
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edelske

New York
815 Posts
Posted - 11/28/2012 :  6:36:28 PM  Show Profile  Visit edelske's Homepage  Reply with Quote
The borrower should sign only ONE "Note". It is a negotiable instrument. If two are signed and each is sold - both recipients will want to collect on the obligation they putrchased.

What to do when "silly title" wants two complete sets of the package processed. First, understand they do this with the hope of receiving a valid set and the duplication is to allow for "cheepo" notaries not processing the documents correctly. They reason 2 sets processed "might" yield a valid single set.

BUT, the "Note" says "sign original only" - and with good reason!

I ask the second to be signed - but advise (I know "thin ice here") the borrower to add: "File Copy NOT Negotiable" to the second one.

What would you do?


Kenneth A Edelstein
Mobile Notary, Apostille / Legalization Processing & Fingerprinting
http://www.kenneth-a-edelstein.com
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