what is the difference between a mortgage and mortgage note, can you be on one and not the other?

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Icon Mini Profile josephpiakis

Joined: 19 Jan 2010

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Post Posted: Tue Jan 19, 2010 2:31 pm    Post subject: what is the difference between a mortgage and mortgage note,

what exactly is the difference between the mortgage and the mortgage note. I have found in the county records the mortgage and i am on it and the deed and mortgage. but Chase says Im not on the "note" is the note in the public records or just held by the bank? my inlaws stopped a modification cold turkey by calling up and passwording the account.
becuase the wife and inlaw are on the note, and apparently im just on the mortgage. I sent Chase a copy of the mortage so that i could have account access. most customer service agents dont know the difference between a note and a mortgagte.
Icon Mini Profile smithsussane

Joined: 18 Sep 2008

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Location: Alaska
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Post Posted: Tue Jan 19, 2010 8:32 pm    Post subject:

Hi josephpiakis!

Welcome to forums!

A mortgage note is a promissory note which is related to a particular home loan. It is a written promise which states that the borrower would repay the specified sum of money as well as the interest at the given rate. The time period to repay the debt is also mentioned on the note. While you take the mortgage, you pledge the title of your property as security for a loan. The mortgage note states the amount of debt and the rate of interest. It requires the borrower, who signs the note, to become personally liable for the repayment of the dues.

You need to check out your mortgage docs to know if you've signed it and if you are the borrower of the loan. If yes, then you are liable to pay it off. As far as loan modification is concerned, you'll have to apply for it.

Feel free to ask if you've further queries.

Joe Piakis


Post Posted: Tue Jan 19, 2010 9:02 pm    Post subject: mortgage docs

how do I go about finding the origianl mortgage docs? is this public record? I found the mortgage and deed online and i am on them. I think i am not on the note but how do i get a copy of the note?
Icon Mini Profile Niicss

Joined: 03 Oct 2005

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Location: New Jersey
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Post Posted: Wed Jan 20, 2010 2:51 am    Post subject:

Don't you have a copy of your original mortgage docs? If you do not have the documents, you can contact your lender and get hold of them. You can even ask them to issue a copy of duplicate mortgage document for you. This will help you know whether or not you are on it.
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