mortgage note

/Tag: mortgage note
9 10, 2018

What is the difference between a mortgage and a note?

2018-10-09T11:04:58+00:00

The terms promissory note and mortgage note are used as on in the same, but a mortgage and a promissory note are two very different things. Note A promissory note is basically an IOU on a loan. It is a promise to repay the loan amount to the owner. Unlike a mortgage or deed of trust, the promissory note is not recorded in the county land records. The lender holds the promissory note while the loan is outstanding. When the loan is fully paid off, the note will be marked as paid in full and returned to the borrower. Mortgage Typically, [...]

What is the difference between a mortgage and a note?2018-10-09T11:04:58+00:00